Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BHP BILLITON PLC. We currently have 41 research reports from 5 professional analysts.
|14Dec16 07:00||RNS||Notification of PDMR shareholdings|
|05Dec16 04:16||RNS||Submission of winning bid for Trion in Mexico|
|23Nov16 07:00||RNS||Notice of Final Interests of Director - J Schubert|
|17Nov16 11:39||RNS||BHP Billiton Limited 2016 AGM Presentation|
|17Nov16 07:00||RNS||BHP Billiton 2016 AGM Results|
|17Nov16 07:00||RNS||BHP Billiton Limited 2016 AGM Speeches|
|20Oct16 06:27||RNS||Samarco - Rejection of Charges|
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Research reports on
BHP BILLITON PLC
BHP BILLITON PLC
VSA Morning Miner
19 Oct 16
BHP Billiton (BLT LN) has released soft operational results with QoQ and YoY declines in production of petroleum and copper, flat production of iron ore and met coal whilst thermal coal production was impacted by adverse weather. However, BLT should benefit from stronger prices in bulk commodities through the quarter.
Performance, leverage and strategy concerns remain unaddressed
17 Aug 16
BHP Billiton posted its worst full-year performance since the beginning of this century. Profitability slumped to record lows, with management’s strategic decisions (so far) failing to mitigate the impact of the commodity market rout. FY16 (Jun-ending) sales were down 31% to $30.9bn (vs. AV’s estimate of $32.2bn) – with iron ore, copper, oil and coal sales correcting by 29%, 28%, 40% and 23%, respectively. Other than feeble prices (resulting in an $11bn impact), lower volumes (even though not targeted) were partly responsible for the top-line pressure. What has been a major disappointment is the pace of BHP’s profitability erosion – with FY16 reported EBIT plummeting 71% to $3.5bn (vs. AV’s estimate of $3.9bn). Moreover, the H2 profitability rebound (EBIT up 58% hoh to $2.1bn; which looks impressive at a quick glance) is wafer-thin compared with BHP’s historical profit levels. Further down, >$7bn of oil asset impairments (mostly recognised in H1 FY16) and $2.5bn of charges (including share of loss, impairments and provisions) associated with the Samarco disaster weighed on the bottom-line. Full-year net loss came in at $6.2bn. Unsurprisingly, full-year dividends were cut 76% to USc30 per share (vs. AV’s estimate of USc32). Despite massive capex rationalisation (slashed 42% to $7bn), BHP’s net debt was up 7% (compared with FY15) to $26bn. This is in sharp contrast with peers, some of which have managed to achieve impressive deleveraging since the latter half of 2015. Barring oil and thermal coal, management targets volume growth (in varying degrees) across divisions in FY17. What is unnerving is management’s oil unit cost guidance – which they expect to increase by 17% in FY17, effectively ruling out any material rebound in the division’s near-term profitability. In a nutshell, FY16 witnessed $10bn of shareholder funds being wiped-out, with the decision to scrap its progressive dividends being the only sensible management decision.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.
GMP FirstEnergy ― UK Energy morning research package
10 Jan 17
GeoPark (GPRK-NYSE) 1,6; BUY, US$6.50: 4Q16 operations update and production results | Northern Petroleum (NOP LN)1; SPEC. BUY, £0.10: Results of open offer | Serica Energy (SQZ LN) (not covered): Operations Update | Roxi Petroleum (RXP LN) (not covered): BNG Operational update in Kazakhstan | Tullow Oil (TLW LN); REDUCE, £2.90: Transaction in Uganda frees up cash for Kenya | Eco Atlantic (EOC CN) (not covered): Intention to list on AIM –