Is the S32 share price as bad as it gets?
The investment attraction in South32 (ASX:S32) is twofold. Firstly, the Company has an ongoing capital management program which has historically been accretive to earnings. This has helped to smooth earnings swings in recent years. Secondly, S32 has a commodity/portfolio mix that is becoming increasingly skewed towards base metals and critical minerals. These are likely to benefit from the trend towards de-carbonisation and electrification. Despite these attractions, the shares have continued to weaken. This is mainly due to a higher cost …