BHP -1.09%: Shares fell despite reporting a solid 1H24 result. References are to ‘underlying’ given a big write down to their Nickel assets and provisioning around Samarco. Underlying revenue US$27.2bn was above consensus of US$26.9bn, EBITDA of US$13.9bn and NPAT of US$6.6bn was broadly inline with consensus. The dividend of US72cps was a slight beat and came from earnings per share of US130cps.
- Ultimately, a good dividend, mildly positive financials, and FY24 guidance unchanged from the recent production report while they talked to China and India remaining relative sources of stability for commodity demand, as they have been over the last 12 months
MM remains long & bullish BHP
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