Fiscal 2025 first-quarter results were largely in-line with our expectations but shares are trading at 25% premium to our fair value.

Solid start to the fiscal year from the ASX's largest miner. 

BHP, Rio Tinto and Fortescue have fallen meaningfully this year due to weakness in China. Are they attractive?

We reaffirm our full year guidance and the firm remains undervalued.

We think investors may have overreacted to recent news.

This share is trading 31% below our fair value.

Is the proposed deal a winner for shareholders?

The shares remain undervalued as we anticipate higher sales from lower-cost mines driving improved margins. 

BHP’s efforts to acquire Anglo continue.  

As the deadline for raising the bid approaches we lower our fair value estimate for BHP.