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Research Tree offers BHP BILLITON PLC research coverage from 5 professional analysts, and we have 41 reports on our platform.
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|20/10/2016 18:27:45||London Stock Exchange||Samarco - Rejection of Charges|
|20/10/2016 12:00:57||London Stock Exchange||BHP Billiton Plc 2016 AGM Presentation|
|20/10/2016 12:00:54||London Stock Exchange||BHP Billiton Plc 2016 AGM Speeches|
|19/10/2016 07:00:05||London Stock Exchange||Operational Review Quarter Ended 30 September 2016|
|10/10/2016 11:00:29||London Stock Exchange||Climate Change Portfolio Analysis Presentation|
|05/10/2016 07:00:06||London Stock Exchange||2016 Petroleum Investor Briefing|
|21/09/2016 07:00:07||London Stock Exchange||Changes to the BHP Billiton Board|
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Research reports on BHP BILLITON PLC
Providers covering 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.
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21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
£70m placing and open offer
21 Oct 16
Hurricane has successfully raised £70m by issuing c.205.9m shares at a price of 34p. The company is also undertaking an open offer at the same price to raise a further £4.4m. The proceeds will be used to fund two exploration wells on Lincoln and Warwick as well as further development activity on the Lancaster field.