BHP BILLITON LIMITED (BHP)



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General Information
Company Name: BHP Billiton Limited
Stock Code: BHP
Website: www.bhpbilliton.com
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 122,076
Equiv. Shares (M): 3,212

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 38.120 $ 38.010 $ 38.190 $ 37.920 $ 38.010 3,813,690 $ 0.110  0.289 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 3rd Apr 2014
12 Month Target Price (average): $41.357
Brokers Surveyed: 7

Company Overview

Business Description:
BHP Billiton Limited (BHP) is a diversified resources group with a global portfolio of assets. BHP is among the world’s largest producers of commodities along with substantial interests in oil and gas. Activities involve mining, exploration, production and distribution of minerals and petroleum.

Strategy Analysis:
BHP aims to be the supplier of choice to its end-use customers. Its strategy is three-pronged: build on its diverse reserves base and ensure that best practices are shared quickly across its operations; maintain a steady pipeline of greenfield projects for internal growth; and help increase its pipeline by staying close to its customers. BHP Billiton reported NPAT down 57.8% to US$4.24bn for the half-year ended 31 December 2012. Revenues from ordinary activities were US$32.2bn, down 14.1% from the same period last year. Underlying EBIT declined by 38% to US$9.8bn. Substantially lower commodity prices, a weak US dollar and inflation more than offset the positive contribution from stronger volumes and operating cost savings. Diluted EPS was 79.4 US cents compared to 187.9 US cents last year. Net operating cash flow was US$6.4bn compared to US$12.28bn last year. The interim dividend declared was 57.0 US cents compared with 55.0 US cents last year


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F 14,894.5 279.0 -0.2 13.6 134.5 3.5 100.0
2014  F 14,922.0 279.5 21.7 13.6 129.8 3.4 100.0
2013  A 12,256.9 229.6 -22.5 14.8 113.1 3.3 100.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Aquila Resources (AQA) $1,087 M -- -- -- -- -- -- 0.0000 0.0000 0.0000
BHP Billiton (BHP) $122,365 M -0.2435 0.0830 -0.0500 15.9923 14.7663 15.5428 0.0328 0.0294 0.0307
Iluka Resources (ILU) $3,810 M -0.6600 0.1399 1.3166 29.6707 26.0297 11.2360 0.0099 0.0215 0.0427
Rio Tinto (RIO) $27,614 M 0.5848 -0.2605 0.0467 8.2528 11.1606 10.6622 0.0339 0.0309 0.0338
Sims Metal Management (SGM) $2,026 M -0.7514 4.5651 0.6395 118.3990 21.2752 12.9763 0.0000 0.0108 0.0302

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
BHP 1.59 14.5 2.66 3.86 2.85
Market 1.07 15.9 1.26 1.99 1.71
Sector 0.88 12.2 0.67 0.72 4.97

Directors
Name Position Start Date
Mr Marius Kloppers -- 01 January 2006
Mr Andrew Mackenzie Chief Executive Officer,Executive Director 10 May 2013
Mr Jacques Nasser Non-Executive Chairman 06 June 2006
Ms Carolyn Judith Hewson Non-Executive Director 31 March 2010
Mr David Alexander Crawford Non-Executive Director 01 May 1994
Dr John Michael Schubert Non-Executive Director 01 June 2000
Mr Malcolm W Broomhead Non-Executive Director 31 March 2010
Mr Wayne W Murdy Non-Executive Director 18 June 2009
Dr John Buchanan Non-Executive Director 01 February 2003
Mr Patrick John Davies Non-Executive Director 01 June 2012
Mr Carlos Cordeiro Non-Executive Director 03 February 2005
Mr Lindsay Philip Maxsted Non-Executive Director 23 March 2011
Keith Rumble Non-Executive Director 01 September 2008
Ms Shriti Vadera Non-Executive Director 01 January 2011
Mr Malcolm Brinded Non-Executive Director 15 April 2014

Management
Name Position
Graham Kerr Chief Financial Officer
Geoff Healy Chief Legal Counsel
Nicole Duncan Company Secretary
Jane McAloon Group Company Secretary
J Michael Yeager Group Executive and Chief Executive
Daniel Malchuk President, Aluminium, Manganese and Nickel
Dean Dalla Valle President, Coal
Peter Beaven President, Copper
Mike Henry President, HSEC, Marketing and Technology
Mike Fraser President, Human Resources
Jimmy Wilson President, Iron Ore
Tim Cutt President, Petroleum and Potash
Karen Wood President, Public Affairs

Calendar of Events
Date Event
17 February 2015 Report (Interim)
21 October 2014 Report (Quarterly)
24 September 2014 Report (Annual)
19 August 2014 Report (Prelim)
16 July 2014 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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