Raising BHP FVE to AUD 24.50 With the Lower Australian Dollar; Shares Still Overvalued
We raise our fair value estimate for no-moat-rated BHP to AUD 24.50 from AUD 23 per share previously. The increase primarily reflects the approximate 5% decline in the AUD/USD exchange rate to 0.738. Slightly higher near-term oil and coal prices are also a minor benefit. Our price assumptions for BHP’s other key commodities are largely unchanged. Fourth-quarter fiscal 2018 production was relatively strong, with iron ore, petroleum, and copper production all slightly better than expected. However...
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