Dividends the Likely Focus of BHP’s Fiscal 2019 Result, AUD 31 FVE Retained
The strong iron ore price is the dominant driver of no-moat-rated BHP Group’s share price. As with our recent review of Rio Tinto, it’s the key reason we see BHP shares as overvalued. That said, BHP is not as expensive as Rio Tinto given the lower relative exposure to iron ore and the importance of oil to BHP’s earnings and fair value estimate. We are more positive on the outlook for oil given the current price is not excessive, unlike iron ore.We retain our AUD 31 per share fair value estimate...
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