On the pricey side
BHP continues to focus on maximising cash flow and keeping capital discipline, which will be positive for long term shareholders. Strong iron ore prices, helped by supply disruption, are supportive of earnings. The share has had positive momentum year-to-date but has retreated from recent elevated levels on the Australian Securities Exchange, and consequently the JSE. The share price remains stretched relative to our DCF fair value and we continue to recommend traders taking short positions or selling rallies.
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