Interestingly, over 80% of analysts who follow S32 have the miner as a buy, outstripping BHP and RIO following its significant pullback from its highs in 2022 and 2023. This is a recovery story in the mining space after its commodity mix of alumina, aluminium, coal, manganese, nickel, etc., has endured a few years to forget; we believe it is now offering a great risk/reward opportunity, having declined around 40% over the last year, while also offloading their troublesome Illawarra Coal operation for a great price, incorporating a large upfront cash payment.
- We went long S32 last week, initially targeting a retest of $3.50 resistance – MM is long S32 in our Active Growth Portfolio.
MM is bullish and long toward S32
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