First Half Slightly Softer than Expected, but AUD 18.50 per share Fair Value Estimate Retained
No change to our AUD 18.50 fair value estimate for no-moat-rated BHP Billiton. Adjusted first-half fiscal 2017 net profit after tax improved to USD 3.2 billion from USD 412 million a year ago. However, net profit was slightly softer than we forecast due to a slower decline in iron ore costs, lower realised prices for copper and coking coal, and a higher tax rate of 35%. BHP Billiton guides for an effective tax rate of 35%-40% for the full year. A stronger petroleum result was a partial offset wi...BHP Billiton is a resources company. Co. extracts and processes minerals, oil and gas, primarily in Australia and the Americas. Co. operates four reportable segments: Petroleum, which is engaged in the exploration, development and production of oil and gas; Copper, which is engaged in the mining of copper, silver, lead, zinc, molybdenum, uranium and gold; Iron Ore, which is engaged in the mining of iron ore; and Coal, which is engaged in the mining of metallurgical coal and energy coal. Co.'s Petroleum unit comprises conventional and unconventional oil and gas assets, and includes exploration, development and production activities.
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