South32 (ASX: S32): $5.21
S32 +1.36%: Put together a better-than-expected FY26 result, with EBITDA comfortably ahead of consensus, margins expanding and shareholder returns stepping higher.
South32 (S32)
S32 $4.38
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Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 4.38
- Change
- ▲ 0.02 (0.46)
- Bid / Ask
- 4.37 - 4.38
- Volume
- 1,720,734
- Turnover
- 5,567,148
- Open
- 4.36
- Day Range
- 4.30 - 4.38
- VWAP
- 4.35
- Prev Close
- 4.36
- Last Trade
- 30/10 11:40am
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Basic Materials
- Shares Issued
- 4,483,311,998
- NTA/Share
- 2.12
- Last Dividend
- 0.08
- Dividend Ex Date
- 17 SEP 2026
- Dividend Pay Date
- 15 OCT 2026
Current (USD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 5,816.00
- EBITDA
- 1,827.00
- Profit
- 1,087.00
- Earnings Per Share (EPS)
- 0.24
- Dividend Per Share (DPS)
- 0.09
- Yield %
- 3.00
- Market Cap
- 19,614.74
- Price to Earnings Ratio (P/E)
- 13.10
Estimates (GBP) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 5,918.07
- EBITDA
- —
- Profit
- 776.12
- Earnings Per Share (EPS)
- 0.17
- Dividend Per Share (DPS)
- 0.07
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Fairly valued
- Economic Moat
- None
- Financial Health
- Moderate
- Uncertainty
- Low
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 3.90 Fair value 4.29 One-star price 4.72
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 4.29
- Price / Fair Value
- 1.03
- Valuation
- Fairly valued
- Uncertainty
- Low
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (3.90) to the one-star price (4.72).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/USD |
| Exchange Rate: 1.4234 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 4.36 |
| Price - 12 month high | 5.33 |
| Price - 12 month low | 2.96 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 19.34 |
| Market capitalization | 19,525.18 |
| 12 Month High price date | 9 SEP 2026 |
| 12 Month Low price date | 5 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 15.65 |
| Price - 1 Day % Change | -1.80% |
| Price - 13 week price percent change | -3.54% |
| Price - 26 week price percent change | 1.16% |
| Price - 5 Day % Change | 0.93% |
| Price - 52 week price percent change | 37.97% |
| Price - YTD price percent change | 22.47% |
| Price % Change Month To Date | -10.66% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 0.235 |
| EPS excluding extraordinary items - trailing 12 month | 0.235 |
| EPS Normalized - most recent fiscal year | 0.228 |
| Revenue/share - most recent fiscal year | 1.292 |
| Revenue/share - trailing 12 month | 1.292 |
| Book value per share - most recent fiscal year | 2.154 |
| Book value per share - most recent half-year | 2.154 |
| Book value (tangible) per share - most recent fiscal year | 2.120 |
| Book value (tangible) per share - most recent half-year | 2.120 |
| Cash per share - most recent fiscal year | 0.475 |
| Cash per share - most recent half-year | 0.475 |
| Cash Flow per share - most recent fiscal year | 0.345 |
| Cash Flow per share - trailing 12 month | 0.345 |
| Dividend per share - most recent fiscal year | 0.093 |
| Dividends per share - trailing 12 month | 0.131 |
| EBITD per share - trailing 12 month | 0.406 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.236 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.236 |
| EPS including extraordinary items - most recent fiscal year | 0.242 |
| EPS including extraordinary items - trailing 12 month | 0.242 |
| Free Cash Flow per share - trailing 12 month | 0.093 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 12.57 |
| P/E Normalized, most recent fiscal year | 12.98 |
| Price to sales - most recent fiscal year | 2.29 |
| Price to Tangible Book - most fiscal year | 1.42 |
| Price to Free Cash Flow per Share - most recent fiscal year | 31.82 |
| Price to Cash Flow per share - trailing 12 month | 8.57 |
| Price to Book - most recent fiscal year | 1.39 |
| P/E excluding extraordinary items high, trailing 12 months | 44.27 |
| P/E excluding extraordinary items low, trailing 12 months | 11.91 |
| Net Debt, LFI | 25.00 |
| Net Debt, LFY | -278.00 |
| Dividend Yield - 5 Year Average | 2.65% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.99% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 3.00% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 418.00 |
| LT debt/equity - most recent fiscal year | 13.70% |
| Payout ratio - most recent fiscal year | 38.59% |
| Total debt/total equity - most recent fiscal year | 19.06% |
| LT debt/equity - most recent half-year | 14.40% |
| Total debt/total equity - most recent half-year | 18.25% |
| Free Cash Flow - trailing 12 month | 418.00 |
| Payout ratio - trailing 12 month | 38.59% |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 5,816.00 |
| Revenue - trailing 12 month | 5,816.00 |
| EBITD - most recent fiscal year | 1,827.00 |
| EBITD - trailing 12 month | 1,827.00 |
| Earnings before taxes - most recent fiscal year | 1,367.00 |
| Earnings before taxes - trailing 12 month | 1,367.00 |
| Net Income available to common - most recent fiscal year | 1,087.00 |
| Net Income available to common - trailing 12 months | 1,087.00 |
| Earnings before taxes Normalized - most recent fiscal year | 980.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 1,025.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.23 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 18.21% |
| Net Profit Margin % - trailing 12 month | 18.21% |
| Operating margin - 1st historical fiscal year | 15.25% |
| Operating margin - trailing 12 month | 15.25% |
| Pretax margin - trailing 12 month | 23.50% |
| Pretax margin - 1st historical fiscal year | 23.50% |
| Operating Margin - 5 year average | 16.59% |
| Pretax Margin - 5 year average | 11.10% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 10.58% |
| Free Operating Cash Flow/Revenue, TTM | 7.19% |
| Net Profit Margin - 5 year average | 6.48% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | 7.56% |
| Return on average assets - trailing 12 month | 7.56% |
| Return on average equity - most recent fiscal year | 11.49% |
| Return on average equity - trailing 12 month | 11.49% |
| Return on average assets - 5 year average | 3.70% |
| Return on average equity - 5 year average | 5.48% |
| Net Income/employee - most recent fiscal year | 154,215.81 |
| Revenue/employee - most recent fiscal year | 846,949.18 |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 1.21% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | -31.29% |
| Revenue/share (5 yr growth) | 2.39% |
| Growth rate% - Revenue, 3 year | 0.99% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | 2.43% |
| Capital Spending growth rate, 5 year | 13.92% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 15.81% |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (GBP, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (USD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
South32 (ASX: S32) $5.14
S32 transformed its business last month through the planned sale of its aluminium, alumina and bauxite business to Alcoa in a deal worth up to US$5.6bn ($8.1bn), materially simplifying the company’s portfolio and accelerating its transition toward a future-facing base metals producer - discussed at the time here. Later in July, S32 delivered a solid fourth quarter update, discussed here, which has helped propel the stock towards fresh all-time highs.
South32 (ASX: S32) $4.08
South32 (S32) +4.62%: delivered a solid finish to FY26, with improved fourth-quarter production across alumina, manganese and Cannington, while several key operations exceeded full-year guidance. Fourth-quarter alumina production increased 4.6% to 1.29Mt, including a 6.4% lift at Worsley to 943,000 tonnes. Manganese production rose 20% to 1.31Mwmt, while Cannington payable zinc-equivalent production increased 29% to 57,800 tonnes.
South32 Ltd (ASX: S32) $4.06
S32 has transformed itself in recent weeks after selling off its aluminium value chain, including Worsley Alumina, Hillside Aluminium and its Brazilian bauxite and alumina assets, to Alcoa for an implied US$5.6bn. The package comprises US$3.1bn in cash, around US$1bn in Alcoa shares, assumed liabilities and contingent payments linked to future aluminium prices. The assets accounted for around 60% of group earnings, making this a transformational portfolio reshaping.
South32 (ASX: S32) $4.28
S32 +9.74%: announced the transformational sale of its aluminium, alumina and bauxite business to Alcoa in a deal worth up to US$5.6bn ($8.1bn), materially simplifying the portfolio and accelerating its transition toward a future-facing base metals producer. The consideration includes US$3.1bn in cash, around US$1bn in Alcoa shares, US$750m of assumed net debt and lease liabilities, plus a US$750m contingent value right (CVR) linked to aluminium and alumina prices over the next four years.
South32 Ltd (ASX: S32) $3.90
MM bought S32 last month for our Active Growth Portfolio when it wasn’t on our Hitlist; hence this morning we’ve discussed the stock and our reasoning to gain exposure to the miner following its recent pullback.
Chart of the Week – LME 3-Month Aluminium ($US/MT)
It’s not just copper that’s marching higher, aluminium is dancing a similar jig heading towards its highest level in years. This year is increasingly being described by aluminium producers and traders as a “gap year”, a pivotal period where years of underinvestment and constrained supply are colliding with rapidly accelerating demand. The metal sits at the centre of global electrification, power-grid expansion, EV production and aerospace demand, yet new smelting capacity is struggling to keep pace due to high energy costs, environmental restrictions and limited spare capacity.
South32 Ltd (S32) $4.36
Aluminium and steel-related commodities drive S32’s earnings, with bauxite, alumina and aluminium at the core, plus silver, while the company is also a major global manganese producer with exposure to met coal. This leaves S32 well leveraged to steel demand, a theme we like amid the global push toward decarbonisation, but with less exposure to iron ore than peers like BHP and Rio, where rising supply could prove a headwind.
South32 (S32) $4.42
Volatility has been extreme in precious metals of late, but in the bigger picture, we can see deficits and declining inventories suggesting silver is now increasingly vulnerable to periods of strong investment demand, which in turn could lead to further bouts of liquidity tightness. S32 is exposed to silver through its 100% interest in the Cannington mine in QLD, which produces silver, zinc and lead, and is one of the top 10 silver mines globally.
Action
Updated
27/08/2026
18:16
S32
Updated 27/08/2026 18:16
MM remains long and bullish S32
Updated
12/08/2026
09:41
S32
Updated 12/08/2026 09:41
MM remains long and bullish towards S32 around $5.10
Updated
21/07/2026
09:47
S32
Updated 21/07/2026 09:47
MM remains long & bullish S32 ~$4.00
Updated
16/07/2026
09:23
S32
Updated 16/07/2026 09:23
MM is long and bullish towards S32 around $4
Updated
01/07/2026
17:04
S32
Updated 01/07/2026 17:04
MM is long and bullish S32
Updated
01/07/2026
09:49
S32
Updated 01/07/2026 09:49
MM is long and bullish towards S32
Updated
19/06/2026
09:39
S32
Updated 19/06/2026 09:39
MM is buying S32 in the Active Growth Portfolio, targeting a 4% weighting around $4.20
Updated
12/03/2026
09:31
S32
Updated 12/03/2026 09:31
MM is bullish towards S32 around $4.35
Updated
03/02/2026
09:53
S32
Updated 03/02/2026 09:53
MM is bullish towards S32 around $4.20
Updated
22/07/2025
09:50
S32
Updated 22/07/2025 09:50
MM prefers S32 over ANZ in the coming weeks/months
Business Summary
South32 was born of the demerger of noncore assets from BHP in 2015. Its operations include alumina businesses in Australia and Brazil, aluminum in Brazil, South Africa, and Mozambique, and manganese businesses in Australia and South Africa. It sold New South Wales metallurgical coal in August 2024, the Cerro Matoso nickel mine in Colombia in December 2025, and has also agreed to sell its alumina and most of its aluminum assets. It also owns the Cannington silver/lead/zinc mine in Queensland. Its Australian manganese operations deliver high returns, but have a relatively short reserve life. It acquired Arizona Mining, which brings with it the high-grade and likely low-cost Taylor project in the US, and also entered copper in 2022 by buying a 45% stake in the Sierra Gorda mine in Chile.
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