Charlie Aitken says BHP is now genuinely cheap, believing that CEO Andrew Mackenzie will deliver

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Charlie Aitken says BHP is now genuinely cheap, believing that CEO Andrew Mackenzie will deliver. The BHP earnings and dividend underestimation is a macro and micro issue. It starts with medium-term iron ore price forecasts that are too low: ditto oil/gas prices, is exacerbated by AUD/USD forecasts that are too high, while the cream on the underestimation cake is a lack of appreciation for BHP's +16% cu equivalent production growth over the next 2 years. Let's not even start on cost over-estimation or group margin underestimation.


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