AU : South32 - SAEC off the books

One of the biggest fundamental developments in S32’s six years of listed life, the divestment of SAEC is now unconditional and expected to close on 1 June. This materially improves S32’s ESG profile and quality of earnings, and also cuts the company’s global workforce (34%), management time and closure liabilities. Strategy refresh shows S32 is still focused on base metals, and still likes copper. Lowered our sustaining capex assumptions for GEMCO and Worsley. Applied updated commodity price forecasts, lifting earnings/valuation estimates. A positive development already reflected in S32’s share price. Maintain HOLD.

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