Diversified metals and mining company S32 has sat on our Hitlist for many months, we believe its slowly becoming attractive, it currently trades on an Est 9x valuation for 2023 plus it’s also forecast to yield more than 5% over the next 12 months. In our opinion S32 gives an excellent diversified resources exposure without the huge exposure to iron ore which comes with both BHP and RIO.
- We are considering accumulating South32 into any weakness around/ below the $4 area.
MM likes S32, ideally back around the $4 area
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