olivLaw · European equity research
South32 Limited S32.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
At the close of 05 Nov 2026, South32 Limited (S32.L) stock was 2.31 GBP (+2.30% on the day), with beta 1.06, 52-week range 1.49–2.78 GBP.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.0
- weak (30–45)
- Bollinger (20, 2)
- 2.09 – 2.60
- in the lower half of the band · %B 0.43 · band width 21.7%
- SMA 50 / 200
- 2.52 / 2.37
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.9% | −0.6% | −11.3 pp | — |
| 3 months | −8.8% | −4.2% | −4.6 pp | — |
| 6 months | +2.2% | +4.3% | −2.1 pp | — |
| Year to date | +30.4% | +7.5% | +22.9 pp | — |
| 1 year | +53.7% | +9.9% | +43.7 pp | +5.8% |
| 3 years | +35.3% | +49.8% | −14.6 pp | +26.3% |
| 5 years | +20.6% | +42.8% | −22.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 4.9 bn | 5.8 bn | 5.8 bn |
| Revenue YoY | unavailable | +17.4% | +0.6% |
| Net income | -203.0 m | 213.0 m | 1.1 bn |
| Net income YoY | unavailable | unavailable | +410.3% |
| Diluted EPS | -0.05 | 0.05 | 0.24 |
| Diluted EPS YoY | unavailable | unavailable | +412.8% |
| net % | -4.1% | 3.7% | 18.7% |
| Free cash flow | 77.0 m | 418.0 m | 597.0 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 2.1 bn USD
- Financial debt
- 1.3 bn USD
- Net debt
- -803.0 m USD
- Equity
- 9.7 bn USD
- Total assets
- 14.5 bn USD
- Debt / equity
- 0.14x
- Current ratio
- 2.44x
- ROE
- 11.7%
- ROA
- 7.7%
- FCF margin
- 10.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.9 bn | 5.8 bn | 5.8 bn | esef· 02 Sept 2026verified |
| Operating income | -519.0 m | 554.0 m | 1.4 bn | esef· 02 Sept 2026verified |
| Interest expense | 227.0 m | 194.0 m | 250.0 m | esef· 02 Sept 2026verified |
| Pre-tax income | -527.0 m | 619.0 m | 1.4 bn | esef· 02 Sept 2026verified |
| Income tax | -79.0 m | 304.0 m | 308.0 m | esef· 02 Sept 2026verified |
| Net income | -203.0 m | 213.0 m | 1.1 bn | esef· 02 Sept 2026verified |
| Diluted EPS | -0.05 | 0.05 | 0.24 | esef· 02 Sept 2026verified |
| Dividend per share | 0.03 | 0.06 | 0.07 | esef· 02 Sept 2026derived |
Balance sheet · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 842.0 m | 1.7 bn | 2.1 bn | esef· 02 Sept 2026verified |
| Receivables | 634.0 m | 809.0 m | 861.0 m | esef· 02 Sept 2026verified |
| Inventories | 985.0 m | 935.0 m | 812.0 m | esef· 02 Sept 2026verified |
| Current assets | 4.4 bn | 3.8 bn | 3.9 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 6.5 bn | 6.4 bn | — | esef· 02 Sept 2025verified |
| Total assets | 14.2 bn | 13.7 bn | 14.5 bn | esef· 02 Sept 2026verified |
| Accounts payable | 805.0 m | 802.0 m | 762.0 m | esef· 02 Sept 2026verified |
| Long-term debt | 1.3 bn | 1.4 bn | 1.3 bn | esef· 02 Sept 2026verified |
| Current liabilities | 1.8 bn | 1.6 bn | 1.6 bn | esef· 02 Sept 2026verified |
| Total liabilities | 5.3 bn | 4.9 bn | 4.8 bn | esef· 02 Sept 2026verified |
| Equity | 9.0 bn | 8.9 bn | 9.7 bn | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 4.5 bn | 4.5 bn | 4.5 bn | esef· 02 Sept 2026derived |
Cash flow · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.3 bn | 1.6 bn | esef· 02 Sept 2026verified |
| Capex | 1.0 bn | 917.0 m | 1.0 bn | esef· 02 Sept 2026verified |
| Free cash flow | 77.0 m ≈ | 418.0 m ≈ | 597.0 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -1.1 bn | -20.0 m | -997.0 m | esef· 02 Sept 2026verified |
| Financing cash flow | -417.0 m | -405.0 m | -261.0 m | esef· 02 Sept 2026verified |
| Dividends paid | 163.0 m | 294.0 m | 292.0 m | esef· 02 Sept 2026verified |
| Share repurchases | 35.0 m | 56.0 m | 35.0 m | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.85 – 4.20 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.72 – 4.20 (Mid 3.48)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)0.85 – 1.15 (Mid 0.98)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.1% | 46 (vs peers) | 28% |
| Net margin · Quality | 18.7% | 69 (vs peers) | 17% |
| FCF conversion · Quality | 54.9% | 36 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.4x | 61 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 48.9% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SOUTH32 LIMITED (S32.L). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.8 bn USD in 2026; YoY growth 0.6%; net margin 18.7%; ROE 11.7%.
The estimated value range is 1.79–2.67 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
- Payout ratio (FCF): 48.9%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for S32.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202602 Sept 2026
- Annual report 202502 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.