Steady End to Fiscal 2017 for BHP, AUD 19 FVE Maintained
We maintain our AUD 19 per share fair value estimate for no-moat BHP Billiton. The final quarter of fiscal 2017 was largely as expected and we make no change to our adjusted earnings forecast of USD 1.61 per share. Production of petroleum, copper, and iron ore were all slightly stronger than forecast. Escondida was the main positive, recovering from strikes earlier in the year. Coal was the key weak spot with production interrupted by Cyclone Debbie. Slightly weaker coal output had a disproporti...
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