SOUHY - South32: No Longer Bullish Considering Results Miss And Buyback Cancellation (Rating Downgrade)
2024-02-17 04:35:32 ET
Summary
- South32 has cancelled its share buyback plan after it suffered from a substantial 1H FY 2024 earnings miss.
- But a 2H FY 2024 earnings turnaround for SOUHY is likely, and the stock's valuations are undemanding.
- My rating for South32 is downgraded to a Hold, considering both positive and negative takeaways from the company's recent results release.
Elevator Pitch
My rating for South32 Limited ( SOUHY ) [S32:AU] is a Hold. With my prior update written on September 15, 2023, I touched on SOUHY's distribution of excess capital to shareholders and the restructuring of the company's portfolio....
South32: No Longer Bullish Considering Results Miss And Buyback Cancellation (Rating Downgrade)