Raising Our FVE for BHP to AUD 19.50 per Share
We raise our fair value estimate for no-moat-rated BHP to AUD 19.50 per share from AUD 19.00. This reflects some higher near-term commodity price forecasts and solid first-quarter fiscal 2018 production. BHP is on track to meet full-year guidance for all commodities. We forecast a return on invested capital of 9.1% in fiscal 2018 on BHP’s adjusted capital base of just over USD 100 billion, after adding back prior write-downs and impairments, mainly from the high-priced petroleum acquisitions. Th...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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