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Consensus estimates

South32 has invited registered sell-side analysts who monitor South32's securities to submit their estimates in respect of half year ended 31 December 2022 to an external web-based platform hosted by Vuma Financial Limited (Vuma) (an independent service provider). South32 does not consider the information in the table to be materially price sensitive. It is provided as a courtesy to all interested persons who would not otherwise have access to it.

The consensus figure for a particular item is the arithmetic mean of all estimates submitted for that item by participating sell-side analysts and collated by Vuma. Analyst estimates entered into Vuma that are materially out of date, or that contain a manifest error have been excluded from the aggregate consensus figures. The following estimates were excluded given they included a manifest error:

  • One set of estimates for Underlying income tax expense: has been reported on a statutory basis which incorrectly excludes income tax expense from our manganese and Sierra Gorda EAIs
  • One set of estimates for total capital expenditure (incl. EAI): Sierra Gorda capital expenditure estimate reflects full year guidance, rather than the half year
  • One net cash/(debt) estimate: this estimate does not reconcile with reported FY22 net cash and the estimated net increase/(decrease) in cash and cash equivalents, resulting in a manifest error
  • One Cannington realised zinc sales price estimate: this estimate materially differs from reported actuals

The consensus figures reflect the opinions of the participating sell-side analysts and are not directly or indirectly attributable to South32. South32 has not commented on or verified the information provided by the contributors (other than to correct factual inaccuracies or to direct the analyst(s) to information previously disclosed to the Australian Securities Exchange). Neither Vuma nor third party sell-side analysts have access to South32’s internal financial information. Publication of the consensus figures should not be treated as an express or implied endorsement of the information by South32. South32 expressly disclaims any endorsement of or concurrence with the information and makes no comment about its own forecast performance.

South32's actual performance for the period is not yet known and may differ from the consensus figures. A significant number of variable factors impact the Group’s financial results, including accounting determinations and external factors (such as fluctuations in exchange rates and commodity prices) immediately prior to the end of the financial year.

The South32 Group, its Directors and employees do not accept any responsibility for the accuracy or completeness of the information, assume no liability whatsoever in relation to the information and undertake no obligation to update or revise it. The information does not constitute or contain investment advice or any recommendation in relation to South32 financial products.