Cost Pressures Emerge for BHP, Maintaining our AUD 22 per Share FVE
No-moat BHP Billiton’s first-half result was weak. Cost inflation featured, dampening the benefit of higher prices. First-half fiscal 2018 adjusted earnings improved 25% to USD 0.76 per share versus the same period last year. Commodity prices added USD 2.2 billion to EBITDA and productivity volumes USD 0.4 billion. However, production issues in Queensland coal, some one-off costs in iron ore, unfavourable currency moves, and the return of general industry inflation offset much of the gains. Coll...
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