(News Bulletin 247) – Oddo BHF reaffirms its ‘underperformance’ opinion on BHP with a price target maintained at 2,900 pence, after the publication by the Anglo-Australian mining company of results deemed generally in line with expectations.
Its EBITDA thus contracted by 34% in annual comparison, to 14.7 billion dollars, which the design office explains ‘for more than nine tenths by the fall in the prices of raw materials, and for less than one-tenth by controllable costs’.
While it considers this publication overall to be “satisfactory, with decent performances from most divisions apart from nickel”, Oddo BHF expects a year 2024 “of transition with costs still rising and investments accelerating markedly”.
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