Rebasing investor expectations for BHP without the contribution from its petroleum business places the stock on a forward yield of 6% with flat to lower adjusted EPS into FY23.
Iron ore now represents around 50%, Copper 25%, with Coal and Nickel remaining other key exposures. We expect the eventual divestment of its remaining thermal coal assets.
Fisher & Paykel Healthcare Corporation is under Algo Engine buy conditions and we expect FY22 to be the low point in earnings, with FY23 and FY24 returning to double-digit EPS growth.
Tabcorp split into two businesses yesterday:
BetaShares Global Banks offers exposure to a recovery in global bank shares.
Gold Road Resources is under Algo Engine buy conditions.
Vaneck Vectors Gold Miners is under Algo Engine buy conditions. GDX provides broad exposure to the leading global gold producers.
Newcrest Mining is under Algo Engine buy conditions.
The S&P 500 PE ratio is now within historical norms, at 16.6x. It doesn’t make the S&P 500 cheap but fairly valued when using earnings estimates for 2022.
ASX:ALL} is under Algo Engine buy conditions.
ALL reported normalised 1H22 sales +23% to $2.74bn and EBITDA up +31% $970mn. The share price will remain well supported by the announced on market A$500 mn share buyback program.
FY23 revenue growth of 7% and EBITDA 10%+, places the stock on 17x forward earnings and a 2.2% yield
Newcrest Mining is under Algo Engine buy conditions.
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