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.
|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|
|20Oct16 12:00||RNS||BHP Billiton Plc 2016 AGM Presentation|
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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.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.