SOUTH32 LIMITED (S32)
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S32

S32 - SOUTH32 LIMITED

FNArena Sector : Mining
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.32
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

$3.18

09 Oct
2025

0.170

OPEN

$3.08

5.65%

HIGH

$3.19

32,437,086

LOW

$3.06

TARGET
$3.242 1.9% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
5EA . AMN . APC . ARV . AZY . BCI . BML . CNB . COD . CXM . DRE . E25 . EM2 . HFR . KSN . LM8 . PEX . PMT . QML . RTR . S2R . STK . SVY .
FNARENA'S MARKET CONSENSUS FORECASTS
S32: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 21.0 xxx
DPS (cps) 7.4 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 15.0 xxx
Dividend Yield 2.4% xxx
Div Pay Ratio(%) 35.4% 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: 2.49%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.92

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: 19/09 - ex-div 4.57c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx8.9
DPS All xxxxxxxxxxxxxxx9.3
Sales/Revenue xxxxxxxxxxxxxxx8,924.8 M
Book Value Per Share xxxxxxxxxxxxxxx300.3
Net Operating Cash Flow xxxxxxxxxxxxxxx2,061.4 M
Net Profit Margin xxxxxxxxxxxxxxx5.50 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx3.65 %
Return on Invested Capital xxxxxxxxxxxxxxx3.17 %
Return on Assets xxxxxxxxxxxxxxx2.32 %
Return on Equity xxxxxxxxxxxxxxx3.65 %
Return on Total Capital xxxxxxxxxxxxxxx7.20 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx67.9 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx407 M
Long Term Debt xxxxxxxxxxxxxxx2,086 M
Total Debt xxxxxxxxxxxxxxx2,493 M
Goodwill - Gross xxxxxxxxxxxxxxx212 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,559 M
Price To Book Value xxxxxxxxxxxxxxx0.97

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,548.7 M
Capex % of Sales xxxxxxxxxxxxxxx17.35 %
Cost of Goods Sold xxxxxxxxxxxxxxx7,382 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx398 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3,749 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

0.5

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

19/09/2025

3

Neutral

$2.85

-10.38%

UBS notes trade/war macro risks did not materialise as feared in 2Q2025, and the improved outlook since then supports rotation into miners. 

On a 12-month view, the broker is constructive on commodities with supportive supply dynamics and secular demand drivers, especially copper and aluminium. On gold, the broker is still positive but less so than at the start of 2025.

Coal and nickel have limited downside but no tightness either. In the case of lithium, the outlook is supportive but with wide price dispersion depending on China's supply scrutiny.

With iron ore, supply remains a potential overhang but over the next 6-12 months, the broker sees US$100/t hold.

Target price for South32 rises to $2.85 from $2.75, reflecting the net impact of revisions to alumina, aluminium, manganese and zinc prices in the near term.

Neutral retained.

FORECAST
UBS forecasts a full year FY26 dividend of 7.31 cents and EPS of 23.32 cents.
UBS forecasts a full year FY27 dividend of 13.99 cents and EPS of 18.66 cents.

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

Canaccord Genuity

20/08/2025

3

Hold

$2.60

-18.24%

Management at South32 has updated production guidance for Mozal, with Canaccord Genuity noting the asset is now expected to be placed on care and maintenance once its power contract expires in March 2026.

The broker assumes shutdown costs of around -US$40m, based on precedent from similar smelter closures.

Without Mozal, the analysts note aluminium output would fall to 887kt in FY27 from 1,211kt in FY25, leaving Hillside as the only profitable smelter, while Brazil Aluminium continues to operate at a loss.

Although a deal on power supply remains possible, Canaccord considers idling the more likely outcome.

Modellng adjustments see the broker cut its FY26 earnings (EBITDA) forecast by -2% and FY27 by -4%, with limited impact given prior assumptions of higher power costs.

For FY25 results due August 28, the analysts expect underlying earnings of US$608m versus consensus US$654m.

Canaccord maintains its Hold rating and $2.60 target.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 5.60 cents and EPS of 12.44 cents.
Access Extra Coverage Research History >

S32 STOCK CHART

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