BHP Group: Getting through difficult environment

About the author:

Adrian Prendergast
Author name:
By Adrian Prendergast
Job title:
Senior Analyst
Date posted:
21 July 2023, 10:00 AM
Sectors Covered:
Mining, Energy

  • A strong 4Q’FY23 operational result from BHP Group (ASX:BHP), achieving FY23 production and unit cost guidance (ex-BMA which is expected to sit just above the range).
  • WAIO iron ore production was ahead at 65.3mt (vs consensus 64.5mt) while shipments diverged from sales volumes with 4mt of ore stockpiled in China.
  • OZL assets are off to a good start within the BHP portfolio, contributing to group numbers for 2 of the 3 months in the quarter.
  • Working capital release of ~US$1bn will help boost 2H’FY23 operating cash flow.
  • We maintain an Add rating on BHP with a revised (login to view) Target Price.

Find out more

Download full research note

If you would like more information, please contact your adviser or nearest Morgans office. 

Request a call Find local branch

Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

  • Print this page
  • Copy Link