SOUTH32 LIMITED (S32)
Share Price Analysis and Chart

Enter the company code or Name for stock analysis:

S32

S32 - SOUTH32 LIMITED

FNArena Sector : Mining
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.51
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

South32 is a mining and metals company producing alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc in Australia, Southern Africa and South America. It was spun out of BHP Billiton in 2015.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.44

06 Nov
2026

-0.110

OPEN

$4.40

-2.42%

HIGH

$4.49

21,009,884

LOW

$4.32

TARGET
$5.34 20.3% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AMN . APC . ARV . AS1 . AZY . BCI . BML . CNB . COD . DRE . E25 . EM2 . HFR . KSN . LM8 . LNQ . LRV . PMT . QML . RTR . S2R . SKY . STK . SVY .
FNARENA'S MARKET CONSENSUS FORECASTS
S32: 1
Title FY27
Forecast		 FY28
Forecast
EPS (cps) 35.7 xxx
DPS (cps) 17.7 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 12.8 xxx
Dividend Yield 3.9% xxx
Div Pay Ratio(%) 49.7% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 4.23%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.97

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 17/09 - ex-div 7.52c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx35.2
DPS All xxxxxxxxxxxxxxx13.1
Sales/Revenue xxxxxxxxxxxxxxx8,582.9 M
Book Value Per Share xxxxxxxxxxxxxxx312.4
Net Operating Cash Flow xxxxxxxxxxxxxxx2,411.4 M
Net Profit Margin xxxxxxxxxxxxxxx18.24 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx11.39 %
Return on Invested Capital xxxxxxxxxxxxxxx9.94 %
Return on Assets xxxxxxxxxxxxxxx7.48 %
Return on Equity xxxxxxxxxxxxxxx11.39 %
Return on Total Capital xxxxxxxxxxxxxxx6.89 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx1,980.5 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx751 M
Long Term Debt xxxxxxxxxxxxxxx1,921 M
Total Debt xxxxxxxxxxxxxxx2,672 M
Goodwill - Gross xxxxxxxxxxxxxxx201 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx3,080 M
Price To Book Value xxxxxxxxxxxxxxx1.25

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx1,673.5 M
Capex % of Sales xxxxxxxxxxxxxxx19.50 %
Cost of Goods Sold xxxxxxxxxxxxxxx7,047 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx410 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3,466 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.4

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

13/10/2026

3

Downgrade to Equal-weight from Overweight

$5.20

17.12%

Morgan Stanley continues to like copper, with "tight" fundamentals but believes valuations matter. The broker forecasts a 2027 copper deficit with mine supply constraints, Chinese restocking and US stockpiling as major factors.

EPS forecasts are raised by 7% for FY27 and 11% for FY28 due to changes in commodity price forecasts. The analyst remains upbeat on the cash generation and growth from Cannington, Hermosa and Sierra Gorda's fourth grinding line, but much is already discounted.

South32 is downgraded to Equal-weight from Overweight with the valuation already discounting the robust base metals portfolio and the deal economics, the analyst states.

Target is lifted to $5.20 from $5.10. Industry view: Attractive.

FORECAST
Morgan Stanley forecasts a full year FY27 dividend of 25.52 cents and EPS of 39.71 cents.
Morgan Stanley forecasts a full year FY28 dividend of 10.04 cents and EPS of 29.82 cents.

Morgans

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

0

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY
Access Extra Coverage Research History >

S32 STOCK CHART

FNArena News on S32

1
Rudi’s View: High Conviction ASX Opportunities

Oct 29 2026 - Rudi's View
2
Weekly Ratings, Targets, Forecast Changes – 23-10-26

Oct 26 2026 - Weekly Reports
3
Weekly Ratings, Targets, Forecast Changes – 16-10-26

Oct 19 2026 - Weekly Reports
4
Rudi’s View: Stocks To Own & Best To Avoid

Oct 15 2026 - Rudi's View
5
Weakness In South32 A Buying Opportunity

Sep 29 2026 - Technicals

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