Analyst: Hayden Bairstow, Macquarie
Price target: A$40 (previously $41)
Thursday's close: $32.48
Reason: Strong cash result
Comments: BHP reported FY18 earnings results, with cash generation the key highlight. BHP's FY18 dividend was 3% higher than we had expected and with net debt now at the bottom of its target range, the company has indicated it will increase cash returns to shareholders going forward. The final dividend was a record for a six-month period, moving above the old progressive dividend stream for the first time. BHP's FY19 guidance was weak with cash costs for Escondida and Qld Coal circa 10% higher than we had expected, which combined with the Shale exit has cut the ...