BHP’s revenue in FY23 were 47.9% from iron ore, 30.9% from copper and 21.2% from coal, with the company’s “green evolution” seeing copper grow to 45% by 2025. We think their commodities mix is perfect at this stage, with coal and iron ore helping fund a greener runaway over the next decade. The “Big Australian” is now around ~10% of the ASX; hence, we have room to increase our holding if/when we see a dip under $40, but after watching the stock rotate around current levels for over two years we are in no hurry to force the issue any further. For the income-hungry investors, BHP is estimated to yield 5.6% over the next 12 months.
- We remain bullish on BHP, holding it in our Flagship Growth and Active Income Portfolios.
MM remains long and bullish BHP
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