Raising BHP FVE to AUD 23 per share, but Shares Remain Overvalued
We raise our fair value estimate for no-moat-rated BHP to AUD 23 from AUD 22 per share previously. The increase reflects stronger near-term commodity prices, particularly for iron ore, coal, and copper. Slightly weaker-than-expected third-quarter production and emerging cost pressures, which we discussed with the most recent half-year financial result, are a partial offset to the higher near-term prices. The more favourable prices see our fiscal 2018 and 2019 adjusted earnings estimates increase...
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