South32's Aluminum Sale Leaves it Simpler, but Smaller

Dow Jones07-02 12:07

0407 GMT - Morgans has mixed feelings about South32's aluminum sale to Alcoa. "It leaves S32 a simpler and, in important respects, a better business, but also a smaller and less valuable one," says analyst Adrian Prendergast. Morgans downgrades the stock to hold from accumulate. It cuts its target on South32's shares to 4.50 Australian dollars from A$5.00. Prendergast expects a positive reaction from the market, "which prioritizes a short-term focus." But he says the deal--valued at up to US$6.8 billion when closure and rehabilitation liabilities are considered--is below Morgans' valuation of US$9.2 billion. Shares are down 1.6% at A$4.21, eroding some of Wednesday's 9.7% gain. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

July 02, 2026 00:07 ET (04:07 GMT)

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Morgans downgrades the stock to hold from accumulate. It cuts its target on South32's shares to 4.50 Australian dollars from A$5.00. Prendergast expects a positive reaction from the market, \"which prioritizes a short-term focus.\" But he says the deal--valued at up to US$6.8 billion when closure and rehabilitation liabilities are considered--is below Morgans' valuation of US$9.2 billion. Shares are down 1.6% at A$4.21, eroding some of Wednesday's 9.7% gain. 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