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BHP Group Ltd ADR BHP

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Morningstar’s Analysis

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Economic Moat

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Capital Allocation

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BHP Flags Petroleum Exit and Collapse of the Dual Listed Structure Alongside Buoyant Result

Mathew Hodge, CFA Regional Director

Analyst Note

| Mathew Hodge, CFA |

No-moat BHP Group delivered a strong fiscal 2021 profit, supported by strong prices. Adjusted net profit after tax of USD 17.1 billion was nearly double the prior year’s USD 9.1 billion. At the operating level, underlying EBITDA of USD 37.4 billion was up 69% on last year, slightly below our USD 38 billion forecast.

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Company Profile

Business Description

BHP is a leading global diversified miner supplying iron ore, copper, oil, gas, and metallurgical. A 2001 dual-listed merger of BHP Limited (now BHP Ltd.) and Billiton PLC (now BHP PLC) created the present-day BHP. Shareholders in each company have equivalent economic and voting rights in BHP as a whole. Major assets include Pilbara iron ore, Queensland coking coal, Escondida copper and conventional petroleum assets, principally in Australia and the Gulf of Mexico. Onshore U.S. oil and gas assets were sold in 2018.

Contact
171 Collins Street, Level 18
Melbourne, VIC, 3000, Australia
T +61 396093333
Sector Basic Materials
Industry Other Industrial Metals & Mining
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 34,478

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