American Depository Receipt (ADR) Edition Thursday ...

Home Exchange: AustraliaAmerican Depository Receipt (ADR) Edition Thursday, April 14, 2022

Includes Financials as of 12/2021

DATA & ARCHIVE DOWNLOAD CENTERBHP ADR: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA: • FINANCIALS - 10-YEAR HISTORY • INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 472 INSTITUTIONS AS AT Dec 31, 2021 • PEER COMPARISON - STOCK IN MINING SECTOR AND STOCK IN BANK OF NEW YORK MELLON COMPOSITE ADR INDEXBHP ADR: LINKS IN HTML TO FURTHER INFORMATION: • STOCK BUZZ IN HTML • PRICE VOLUME CHARTS IN HTMLBHP STOCK: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA: • PRICE VOLUME - 5-YEAR HISTORY • FINANCIALS - 10-YEAR HISTORY [INCLUDING FY 2021] • PEER COMPARISON - STOCK IN INDICESBHP STOCK: LINKS IN HTML TO FURTHER INFORMATION: • STOCK BUZZ IN HTML • PRICE VOLUME CHARTS IN HTML • USD vs AUD EXCHANGE RATE CHARTS IN HTML • COPPER COMMODITY PRICE CHARTS IN HTML

www.BuySellSignals.com Index and Glossary at end of this Report.

BHP Group ADR (BHP.N) up 37% YTD $78.15BHP Group ADR (BHP: $78.15) in 3rd consecutive riseBHP Group Limited, the International Depository Receipt (IDR)market's largest Mining company by market cap, extended itsgains on Thursday, rising an additional 2.0c (0.03%) to close at$78.15.

This brought its 3-day rise to 3.0%, compared with the Bank ofNew York Mellon Composite ADR Index which fell 1.2 points(0.8%) in the three days for a relative price increase of 3.7%.

Cumulative volume in the 3 days was 0.9 times the average 3-day volume of 3 million ADRs. There were 2,704,900 ADRs worth$211.4 million traded today.

Fig 1: Past Quarter SnapshotBeginning ofQuarter (14Jan, 2022)

End-ofQuarter (14Apr, 2022)

Change

USD %Price $64.05 $78.15 14.1 22.0

MarketCap

$98.4 billion $114.9 billion 16.4 billion 22.0

P/E 29.9 34.9

DividendYield %

9.0 9.0

Low During Quarter 60.1 on Mon 31 Jan, 2022

High During Quarter 79.66 on Fri 01 Apr, 2022

VWP 69.5

In this Report:Highlights: (Click tab for direct access) PageDATA & ARCHIVE DOWNLOAD CENTER 1

The Past Quarter Financials, Analyst Ratings 3

Press Releases and Corporate Wire 4

News and Buzz 4

Bullish Signals 5

Ongoing Bullish Parameters 7

Bearish Signals 15

Corporate Profile 16

Financials H1/2021, FY 2021 16

Dividend 19

Top Management 19

Board of Directors 21

Financials as Reported FY 2021, Past 7 Years 27

Peer Comparison & Ranking of BHP 32

Snapshot of 39 Australian ADRs 33

ADR Identifiers 35

Index 36

Glossary 38

Note also:Section Headers and Figures are mapped as Bookmarks in the PDF menu

(left, top)

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BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every marketBullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends.Click on the links provided in Page 1 to export data.

For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

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Fig 2: BHP GROUP ADR Dashboard (traded in USD)Home Exchange AustraliaCode BHPISIN US0886061086CUSIP 088606108*Institutional Ownership 96,697,293Number of shares equivalent 193,394,586% of shares outstanding 6.6%Ratio 1 ADR equals 2 ordinary sharesType SponsoredApr 14, 2022 $78.15EPS Growth (FY2021 vs FY2020) 42.7%Ave Daily Volume 2,970,572 ADRs52-Week Range 49.62 - 79.66

Institutional ownership updated after last SEC Filing on Feb 18*Total ADRs Held by Institutions 96,697,293; equivalent to 193,394,586 BHP Group shares on issue. This represents 6.6% of total shareson issue.

Fig 3: BHP Stock Dashboard (traded in Australian Dollars, AUD)Exchange AUSTRALIANCurrency 1.000 AUD = 0.742 USD

Apr 14, 2022 $A52.50

P/E (FY2021) 17.4

EPS (FY2021) $A2

Dividend Yield (TTM) 9.2%

DPS (past 12 months) $A2

EPS Growth (FY2021 vs FY2020) 42.7%

Ave Daily Volume 9,734,675 shares

52-Week Range 34.00 - 53.11

Sector Materials

Independent Sector Ranking Ranked 79 in Forbes2000

Market Cap $A266 billion [$198 billion]

Shares Outstanding 5,070,000,000

BHP in Indices All Ordinaries, Metals and Mining

Independent Sector comparison by Dividend Yield % (TTM) Stock: 9.22; Sector: 8.55. 7.3% Discount tosector av. Attractive dividend yieldcompared to sector av

Independent Sector comparison by P/E Stock: 17.39; Sector: 12.42. 28.6% Premium tosector av

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Fig 4: Short-Term Technical Ranking: 3 out of 5 [5 is best]Its short term rises have been combined with strong volumeresulting in strong momentum rises over 30 days.Significantly its price of $78.15 is at a premium of 23% to its 200-day moving average price of $63.39. Its 52-week range has been$79.66 to $49.62; it is trading at a discount of 1.9 % to its 52-weekhigh and a premium of 57.5 % to its 52-week low. $1,000 investedexactly one year ago is now worth $1,336 of which $197 is acapital gain and $139 is dividend reinvested.Recommended stop loss: $72.29

Stocks are scored on a set of technical parameters reflectingprice performance, overbought/ oversold levels and tradingvolumes. They are ranked according to the bullish/bearish valuesof those parameters. The highest ranking is 5 and the lowestranking is 1.

The Past Quarter: Financials, Analyst Ratings

Fig 5: BHP Financials Summary: EPS up 42.7% to $2.24 in FY2021 [ y.e. 30Jun 2021]Net profit was up 42.1% from $8 billion in FY2020 to $11.3 billion in FY2021.Earnings Per Share (EPS) was up 42.7% from $1.57 in FY2020 to $2.24 in FY2021.

Year ended Jun FY2021 FY2020 FY2019Sales ($ B) 60.8 42.9 44.3

Pretax ($ B) 24.6 13.5 15

Net ($ B) 11.3 8 8.3

EPS ($) 2.24 1.57 1.603

Fig 6: Analyst Recommendation: Past Quarter2022 Brokerage Current Rating Price TargetFeb 03 DZ Bank Hold 48.2

Source: Annual/Quarterly Report

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The Past Quarter: Press Releases and Corporate Wire

February 10: BHP Group announces dividend

BHP Group today announced a cash dividend of $3.0 per share. The ex-dividend date is Thursday, February 24, 2022 and the recorddate is Friday, February 25, 2022 and it is payable on Monday, March 28.

Fig 7: AppointmentThu Feb 10, 2022BHP will appoint Catherine Tanna as directorThursday February 10, 2022BHP will appoint Catherine Tanna as Independent Non-Executive Director. The appointment takes effect from Apr 04, 2022.

Fig 8: BaggerFri Apr 01, 2022Ian Cockerill brings two-bagger value to BHPFriday April 01, 2022Ian Cockerill was appointed Independent Non-Executive Director of BHP (ASX:BHP) three years ago on April 01, 2019. The presentvalue of AUD1,000 (PV1000) invested on the appointment date is $A2,101, for a capital gain of $A663 and dividend reinvested of$A438. In the same period the shares were up 66.3% from $A31.5 to $A52.4.

The Past Quarter: News and Buzz

Source: Other Publishers

Apr/Mar Headline PublisherFri 08 BHP Group Limited (NYSE:BHP) Shares Sold by Avestar Capital LLC ETF Daily News

Fri 08 BHP GROUP LIMITED Merger update and details of Woodside share distribution Moneyweb

Fri 01 The Zacks Analyst Blog Highlights Walmart, Adobe, Bristol-Myers Squibb Company, BHPGroup and Micron Technology

YAHOO!Finance

Fri 25 BHP Group Limited (BHP) Is Worth Looking Despite A Loss Of -9.85% From High stocksregister

Wed 02 A Bullish Sign Appears On BHP Group s Chart Benzinga onMSN.com

Wed 02 CNBC s Final Trades: iShares Silver Trust, BHP Group, Grayscale Bitcoin Trust And ThisCoffee Chain

Benzinga.com

Please view more ADR Buzz stories in DATA DOWNLOAD CENTER

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Bullish Signals

PAST WEEK: WEAK MOMENTUM UP - BHP strengthens 1.0% on volume 0.9times averageThe price ranged between a low of $75.90 on Monday Apr 11 and a high of $78.15 on Thursday Apr 14.

Apr BHP Group ADR Close [$] Change% RPC % * Comment

Fri 08 In 3rd consecutive rise 77.67 0.4 0.5 Price/MAP50 above 1and rising

Mon 11 Offers 12th highest dividend yield of 9.2% in Bank of NewYork Mellon Composite ADR Index

75.9 -2.3 -1.4 Week-low of 75.9;Steepest Fall

Tue 12 Increases 1.5% strengthening above moving averageprice

77.03 1.5 2.5 Top Rise

Wed 13 Offers 12th highest dividend yield of 9% in Bank of NewYork Mellon Composite ADR Index

78.13 1.4 -0.1 Price/MAP50 above 1and rising

Thu 14 In 3rd consecutive rise 78.15 0.03 1.0 Week-high of 78.15

* RPC - Relative Price Change is % price change of stock less % change of the The Bank of New York Mellon Composite ADR Index.

Fig 9: Rank in the top 9% by Relative Valuation in the InternationalDepository Receipts marketDescription Value RankDividend Yield % 9% In Top 9%

Fig 10: Rank in the top 17% by Price Performance in the InternationalDepository Receipts marketDescription Value RankRel Strength 6 mo 97 In Top 5%

1-month Price Change % 19.3 In Top 11%

Price/MAP50 1.11 In Top 11%

PV1000 [1 yr] $ 1,336 In Top 17%

Uptrend

Price/Moving Average Price of 1.23 and positive MACD:The Price/MAP 200 for BHP Group is 1.23. Being higher than 1 is a bullish indicator. It is higher than the Price/MAP 200 for the Bankof New York Mellon Composite ADR Index of 0.95, a second bullish indicator. The stock is trading above both its MAPs and the50-day MAP of $70.48 is higher than the 200-day MAP of $63.39, a third bullish indicator. The 200-day MAP has increased to$63.39, a fourth bullish indicator.

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The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 76.89 minusthe 26-day EMA of 74.57 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising,another bullish signal.

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The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, 35 times suggesting•

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further upside. The 50-day EMAP has increased to $70.84. An increase is another bullish indicator.

Past Month:Rises to Falls: In the past month the number of rises outnumbered falls 17:7 or 2.4:1.•

Past Quarter:In the last three months the ADR has hit a new 52-week high six times, pointing to an uptrend. The Best 3 weeks in the past quarterThe past month witnessed the best 2 weeks in the past quarter. In the past quarter the week beginning Monday March 21 saw thehighest weekly rise of 9.5% for a relative price increase of 8%. The rise was propped up by volume of 1.5 times average.

Mon-Fri Change % *Index Change % RPC % Vol Ind [1 is avg]Mar 21-25 9.5 1.5 8 1.5

Feb 28-Mar 04 9 -6.8 15.8 1.8

Mar 28-Apr 01 5.3 0.3 4.9 1.3

*The Bank of New York Mellon Composite ADR Index Change %

Relative Strength (6 months) 97 percentile:The ADR has a 6-month relative strength of 97 in the International Depository Receipts market of 904 units which means it isbeating 97% of the market.

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A price rise combined with a high relative strength is a bullish signal.•

UndervaluationEarnings Yield

The earnings yield of 2.9% is 1.1 times the 10-year bond yield of 2.68%.•

Dividend Yield:BHP Group stock is the thirteenth highest dividend yielding stock in the Bank of New York Mellon Composite ADR Index.The Dividend Yield of 9% is better than the Index average of 3.0%

The relative yield of the ADR, defined by its yield of 9%, divided by average yield of dividend yielding ADRs in the Bank of NewYork Mellon Composite ADR Index of 3.0% is 302.7%. This suggests the ADR is undervalued in dividend yield terms.

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MCap/Total Assets:Tobin's Q Ratio, defined as MCap divided by Total Assets, is 1.1. Compared with the rest of the market the ADR is undervalued.•

Other Bullish SignalsReturn on Equity of 24.2% versus sector average of 16.8% and market average of 6.9%.•Total Liabilities/EBITDA of 2.1 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.•Return on Assets of 12.3% versus sector average of 7.8% and market average of 1.5%.•Return on Capital Employed of 28.1% versus sector average of 17.3% and market average of 3.1%.•Interest cover defined by EBIT/I is 18.9 times. This indicates it is less leveraged.•Net profit margin has averaged 21.3% in the last 3 years. This is considered superior and suggests a high margin of safety.•As per the Du Pont analysis, Return on Equity is high at 24.2%. This is computed as net profit margin of 22.1% times asset turnover[sales/assets] of 0.56 times leverage factor [total assets/shareholders' equity] of 2.0.Also, this has improved from 16.7% last year.

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ROE (%) Profit Margin (%) Asset Turnover Leverage factorCurrent Year 24.2 22.1 0.56 2.0

Previous Year 16.7 20.3 0.41 2.0

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Ongoing Bullish Parameters

Fig 11: Growth in dividends per share and earnings per shareBHP Group sees dividend rise for a second consecutive year•

BHP Group reported dividends per share of $7.0 in the past year, up 124.4% from the previous year. This is the second consecutivedividend increase. In the past 2 years average annual compound growth rate of dividends was 56.4%.

- EPS growth [FY2021 vs FY2020] of 42.7%:FY EPS ($) Growth %2021 2.24 42.7

2020 1.57 -2.1

Fig 12: Rule of 40The stock scores a favorable score exceeding 40 when using the Rule of 40 (Revenue Growth plus EBITDA margin). Y.o.y revenuegrowth of 42%, EBITDA margin is 42.7% and the sum of the two 84.4% needs to exceed 40%.

Fig 13: Past two-yearsBHP Group rose for a second consecutive year. In the previous year the shares rose $30.64 (88.4%).•

Fig 14: Rank in the top 4% by Size in the International Depository ReceiptsmarketDescription Value RankAve daily Turnover $211.4 million In Top 3%

MCap $115 billion In Top 4%

Fig 15: Rank in the top 18% by Performance in the International DepositoryReceipts marketDescription Value RankEBITDA Margin % 42.7 In Top 13%

Net Profit Margin % 22.1 In Top 18%

Fig 16: Rank in the top 11% by Productivity in the International DepositoryReceipts marketDescription Value RankReturn on Capital Employed [ROCE] % 28.1 In Top 5%

Return on Assets [ROA] % 12.3 In Top 10%

Return on Equity [ROE] % 24.2 In Top 11%

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Fig 17: Present Value of $1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; TheBest Periods with PV$1000 > 1,275PV$1,000 3 mo ago 1 yr ago 3 yrs agoBHP.N $1,276 $1,336 $2,151

Mining sector $1,077 $1,054 $1,377

Bank of New York Mellon Composite ADR Index $909 $929 $1,063

BHP Group surges 37% in 2022BHP Group Limited (N:BHP), surged $21.09 (or 37%) year-to-date (YTD) in 2022 to close at $78.15 today. Compared with the Bank ofNew York Mellon Composite ADR Index which has fallen 4.5% YTD, this is a relative price increase of 41.5%.

BHP Group lifts 20% in past yearBHP Group Limited (N:BHP), lifted $12.87 (or 19.7%) in the past year to close at $78.15 today. Compared with the Bank of New YorkMellon Composite ADR Index which has fallen 6.7% over the same period, this is a relative price increase of 26.4%.

BHP Group surges 206% in 5 yearsBHP Group Limited (N:BHP), has surged $52.63 (or 206.3%) in the past five years to close at $78.15 today. Compared with the Bank ofNew York Mellon Composite ADR Index which has risen 15.3% over the same period, this is a relative price increase of 190.9%.

Fig 18: The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 19.63-Year price change of 70.2% for BHP Group outperformed the change of 6.3% in the The Bank of New York Mellon Composite ADRIndex for a relative price change of 63.9%.

Price Change % Quarter Year 3 YearsBHP Group 22 19.7 70.2

Mining sector 7.7 5.4 38.7

The Bank of New York Mellon Composite ADR Index -9.4 -6.7 6.3

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Fig 19: Moving Annual Return of 30.4% in the past yearMoving Annual Return was 30.4% in the past year. Based on adynamic start date of 5 years ago, the real rate of return hasaveraged 40.1%. The Moving Annual Return has been positive in4 of the last 5 years.

BHP Close($)

Dividends ($)

CapitalGain /

(Loss) %%

YieldAnnual

Return %

Apr 14 78.15 7 19.7 10.7 30.4

1 Yr ago 65.28 3.12 92 9.2 101.2

2 Yrs ago 34 2.86 (26.0) 6.2 (19.7)

3 Yrs ago 45.93 4.4 32.8 12.7 45.6

4 Yrs ago 34.57 1.96 35.5 7.7 43.2

Close 5 years ago $25.52

Quotes from Legends: Annual Return

Fig 20: MCap: 5-Year Increase of $57 billion (98%)In the past 5 years Market Capitalization has increased by $56.8billion (98%) from $58.1 billion to $114.9 billion. Based on adynamic start date of 5 years ago, there has been only 1 declinein MCap over the last 5 years.

Price MCap ($ B)Last $78.15 114.9

1 Year ago $65.28 106.9

2 Years ago $34.0 58.2

3 Years ago $45.93 83.5

4 Years ago $34.57 75.3

5 Years ago $25.52 58.1

Fig 21: Buybacks and 5-Years Decrease of 5% in Total Shares on IssueIn the past 5 years total shares on issue have decreased by 265million (5%) from 5.3 billion to 5.1 billion. Buybacks have averaged23.8 million shares [0.4%] per financial year. Based on a dynamicstart date of 5 years ago, there have been declines in issuedcapital in 2 out of 5 years. A reduction in total shares on issue is afavourable indicator in Joseph Piotroski's 9 indicators.

Year End(Jun 30)

Total Shareson Issue FY Buybacks Buyback

%2021 5,057,000,000 2021

2020 5,057,000,000 2020

2019 5,180,000,000 2019 143,000,000 2.7%

2018 5,323,000,000 2018

2017 5,323,000,000 2017

2016 5,322,000,000 2016

Total 143,000,000Averageper FY

23,833,333

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Fig 22: BHP Group sees dividend rise for a second consecutive yearBHP Group reported dividends per share of $7.0 in the past year, up 124.4% from the previous year. This is the second consecutivedividend increase. In the past 2 years average annual compound growth rate of dividends was 56.4%.

Fig 23: Annualised Period-based Total ADRholder Returns [TSR %]: The BestPeriods with TSR > 28.7%TSR % 1 yr 3 yrs 5 yrsBHP.N 33.6 28.8 35.7

Fig 24: P/E/G < 1The price earnings ratio of 34.9 divided by trailing twelve monthseps growth of 42.7% corresponds to an attractive P/E/G of 0.8times; being less than the value benchmark of 1.0.EPS Growth (%) 42.68P/E/G 0.82

P/E 34.89

Quotes from Legends: P/E/G < 1

Fig 25: Improved EBIT MarginsEBIT margin is positive and has increased from 34.4% to 42.7% inthe past year.FY EBIT Margins (%)2021 42.7

2020 34.4

2019 37.4

2018 37.8

2017 30.8

Quotes from Legends: EBIT Margin

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Fig 26: Safe Interest Cover and ImprovingInterest cover of 18.9 is above a safe benchmark figure of 3.Moreover, it has shown steady improvement in the past threeyears.Years Interest cover2021 18.85

2020 11.71

2019 10.97

2018 10.41

Fig 27: Low Debt to Equity (%) and ReducingThe debt to equity ratio of 38.0% is under a safe benchmarkfigure of 50%. Moreover, it has improved from 52.3% a year ago.Years Debt to Equity (%)Jun 2021 37.97

Jun 2020 52.27

Jun 2019 48.15

Jun 2018 44.41

Jun 2017 47.23

Quotes from Legends: Debt to Equity

Fig 28: Increased Volume, up 13% in 5 yearsIn the past five years, Average Daily Volume of Trading (ADVT)has increased 13.0% to 3 million ADRs.Avg. Daily Volume Traded 12 months ended Apr 14, million ADRsYear ADVT2022 3.0

2021 2.2

2020 2.3

2019 2.4

2018 2.6

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Fig 29: Increased VWAP, up 109% in 5 yearsIn the past five years Volume Weighted Average Price (VWAP)has increased by 109.1% to $62.71. Based on a dynamic startdate of five years ago, there has been no decline in VWAP overthe last 5 years.Past five years, 12 months ended Apr 14 (USD)Year High Price VWAP Low Price2022 79.66 62.71 49.62

2021 71.62 50.95 31.36

2020 47.7 39.28 25.56

2019 46.26 37.25 32.79

2018 36.62 29.99 23.6

Fig 30: Increased ADR turnover, up 136% in 5 yearsIn the past five years, average daily ADR turnover has increased136.3% to $186.3 million. This suggests increased liquidity.Past five years, 12 months ended Apr 14 (USD million)Year Average Daily Turnover2022 186.3

2021 115.3

2020 89.2

2019 90.3

2018 78.8

Fig 31: Satisfies three criteria of Benjamin Graham"A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 3.3 times the triple-A bond yield of2.7%.

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"Total debt less than tangible book value"; total debt of USD21.1 billion is less than tangible book value of USD54.2 billion.-"Earnings growth over the most recent ten years of 7% compounded - that is a doubling of earnings in a five-year period"; theearnings per share have more than doubled in the last 5 years.

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"Stability of growth in earnings over the last 5 years, defined as no more than two declines of 5% or greater in year-endearnings";there has been only 1 decline in earnings in the last 5 years.

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Fig 32: Satisfies 7 out of 9 criteria of Joseph Piotroski [pass mark 5]Positive net income.•Positive operating cashflow.•Return on Assets improvement [from 8.3% to 12.3%].•Good quality of earnings [operating cashflow exceeds net income].•Improvement in current ratio from 1.4 to 1.6.•Total shares on issue unchanged.•Improvement in asset turnover [growth in revenue of 41.7% exceeded growth in assets of 3%].•

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But does not meet the following 2 criteria of Joseph Piotroski:Improvement in long-term debt to total assets.•Improvement in gross margin.•

Fig 33: % Change (Tr. 12 Mo): ADR (19.7%) v Index (-6.7%)In the past 12 months BHP Group has outperformed the The Bank of New York Mellon Composite ADR Index by 26.4%.

Fig 34: Past 12 Mo ADR Sector Index (%)BHP Group Limited has increased $12.87 (19.7%) in the past 12months. Compared with the The Bank of New York MellonComposite ADR Index which fell 11.03 points (6.7%), the past 12months relative price change was 26.4%.

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Fig 35: Price > Moving Avg PriceIn the last 3 months the ADR price has exceeded the 200-dayMoving Avg Price on 53/55 days; a bullish signal.

Quotes from Legends: Moving Average Price

Fig 36: Turnover Period Above Average

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Fig 37: Rank in the The Bank of New York Mellon Composite ADR Index[out of 274 IDRs]Description Value RankMCap ($ B) 114.9 18

Total Assets ($ B) 108.9 45

Revenue ($ B) 60.8 21

Net Profit ($ B) 11.3 9

Return on Equity % 24.2 18

Net Profit Margin % 22.1 16

Yield % 9.0 17

% Change YTD 37.0 20

Bearish Signals

Fig 38: Rank in the bottom 13% by Relative Valuation in the InternationalDepository Receipts marketDescription Value RankEV/EBITDA 5.4 In Bottom 13%

Overvaluation

Price/Earnings of 34.9 > sector avg of 11.6:The price-to-earnings ratio of 34.9 indicates overvaluation compared with sector average of 11.6 and market average of 8.5.•

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Corporate Profile

Fig 39: ActivitiesBHP Group Limited is an international resources company. The Company's principal business lines are mineral exploration andproduction, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration,production, and refining. It is the International Depository Receipt (IDR) market's largest Mining company by market capitalisation.

Fig 40: Contact DetailsWebsite http://www.bhpbilliton.comPhysical Address 180 Lonsdale Street Melbourne, VIC 3000 Australia

Phone 61-1300-554757

Fax 61-3-96093015

Fig 41: Industry & SectorClassification Level Name of SectorEconomic Sector Basic Materials

Business Sector Mineral Resources

Industry Group Metals & Mining

Financials H1/2021, FY 2021

Fig 42: Half-Yearly FinancialsBHP reports 144% rise in Half-Yearly Net ProfitRelease Date: February 15, 2021BHP (ASX:BHP), announced net profit of $9.4b for the half year-ended 31 December 2021, up 144% from the previous correspondingperiod.

Half-Yearly Report (H1 2021)Compared with the Previous Corresponding Period [PCP; H/31 Dec 2020], year-over-year [y.o.y.] Revenue was up 27% and Net Profitwas up 143.6%.

Half year-ended 31 Dec 2021 31 Dec 2020EPS, c 167 80

PCP growth in EPS % 109 -16.7

Revenue, $PCP growth in Revenue % 27.0 7.8

Net Profit, $ billion 9.4 3.9

PCP growth in Net Profit % 144 -20.4


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Fig 43: Financials, FY 2021 [year-ended 30 June 2021 ]BHP Net Profit up 42%Release Date: September 08, 2021BHP (ASX:BHP) reported net profit for the year-ended 30 June 2021 [FY2021] of $11.3b, up 42% from $8.0b in the previous year[FY2020]. Earnings per share (EPS) were up 43% from $1.57 in FY2020 to $2.24 in FY2021.

Fig 44: Annual growth in Revenue, Net Profit and EPSYear-ended 30 June [FY/2021] 30 June [FY/2020]Revenue, $ Billion 60.8 42.9

Growth in Revenue % 41.7 -3.1

Net Profit, $ Billion 11.3 8.0

Growth in Net Profit % 42.1 -4.2

EPS, $ 2.24 1.57

Growth in EPS % 42.7 -2.1

Major changes compared with previous year (FY2021 vs FY2020):

Favourable Changes:Net profit up 42.1% from $8.0b to $11.3b•Sales revenue up 41.7% from $42.9b to $60.8b•EBIT Margin up from 34.4% to 42.7%•Interest cover up 61% from 11.7 to 18.9•EBIT to total assets up from 14.0% to 23.8%•Total revenue to total assets up from 0.4 to 0.6•Profit before tax to Sales up from 31.5% to 40.5%•Interest expenses to Sales down from 2.9% to 2.3%•Debt to Equity down 26.9% from 0.5 to 0.4•Current ratio up 12.4% from 1.4 to 1.6•Working capital to total assets up from 6.3% to 9.4%•Retained earnings to total assets up from 41.0% to 43.0%•Total current assets to Total Assets up from 20.3% to 24.5%•Current Debtors to Total Assets up from 3.2% to 5.6%•Total Liabilities to EBITDA of 2.0 compares favourably with the Joseph Piotroski benchmark of <5. This ratio has improved by43.5% from the previous year's ratio of 3.6.

•

Total Liabilities to Operating Cash Flow of 2.0 compares favourably with the Joseph Piotroski benchmark of <4. This ratio hasimproved by 42.5% from the previous year's ratio of 3.4.

•

Net tangible assets per share up 7.1% from $9.98 to $10.69•

Unfavourable Changes:Interest revenue to Sales down from 0.8% to 0.1%•Total non-current assets to Total Assets down from 79.7% to 75.5%•

Note:Total liabilities to Total assets steady at 0.5•Fixed Assets to Total Assets down from 68.4% to 67.8%•Current Inventory to Total Assets up from 3.9% to 4.1%•


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Fig 45: Year-on-year comparison of Performance Ratios [FY2021 vs FY2020]June 30 FY2021 FY2020 Change (%)Return on Equity (%) 24.2 16.7 Up 44.9

Return on Assets (%) 12.3 8.3 Up 48.2

Total debt to net tangible assets (%) 39 53.9 Down 27.6

Debt/Equity 0.4 0.5 Down 26.9

Interest Cover 18.9 11.7 Up 61

Common Size Ratios by Assets %Current Debtors to Total Assets 5.6 3.2 Up 76.0

Long-term investments to Total Assets 3.1 4.8 Down 35.8

Future income tax benefit to Total Assets 1.8 3.5 Down 48.4

Non-current inventory to Total Assets 1.2 1.2 Up 3.9

Common Size Ratios by Sales %Interest revenue to Sales 0.1 0.8 Down 87.8

Three-year record of growth and performance:In the last 3 years Total Revenue averaged $49.3B, EBITDA averaged $19.1B and Net Profit averaged $9.2B. Compound AnnualGrowth Rate (CAGR) averaged 12.1% for Total Revenue, 45.0% for Net Profit and 16.8% for EBITDA.

Description Annual ($ B) 3-year Avg ($ B) 3-year CAGR %Total Revenue 60.8 49.3 12.1

EBITDA 26 19.1 16.8

Operating Profit 26 19.1 16.8

Net Profit 11.3 9.2 45

Three-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCEIn 2021 Net Profit Margin of 22.1% was above its 3-year Avg of 21.3% (All Figures in %)

Description 2021 3-year AvgEBITDA Margin 42.7 38.2

Operating Profit Margin 42.7 38.2

Net Profit Margin 22.1 21.3

Return on Equity 24.2 19.8

Return on Assets 12.3 10

Return on Capital Employed 28.1 21


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Dividend

Fig 46: Dividend HistoryIn the past 5 years annual dividends have increased by $5.0 from$2.0 to $7.0. Based on a start date of 5 years ago, there has beenonly one decline in dividends over the last 5 years.Date Value ($) Type24 Feb 2022 3 Cash

02 Sep 2021 4 Cash

Tr 12 Months 7

2020 - 2021 3.12

2019 - 2020 2.86

2018 - 2019 4.4

2017 - 2018 1.96

Fig 47: Annual Dividends - Past 4years (USD)

Quotes from Legends: Dividends Trailing Twelve Months

Top Management

Fig 48: Top ManagementName Designation Since AppointmentMike Henry Chief Executive Officer 2 Yrs, 3 Mos

Ken MacKenzie Chairman, Director 5 Yrs, 6 Mos

David Lamont Chief Financial Officer 1 Yr, 4 Mos

Stefanie Wikinson Company Secretary 1 Yr, 1 Mo

John Paul Santamaria Company Secretary 9 Mos

Vandita Pant Chief Commercial Officer 2 Yrs, 9 Mos

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http://www.buysellsignals.net/BuySellSignals/report/quotes/Dividends_Trailing_Twelve_Months.html






Fig 49: Profiles of Top Management

Mike Henry (CEO)Mike was appointed as a Director of BHP Group Limited and BHP Group Plc in January 2020. Hewas appointed Chief Executive Officer on 1 January 2020.Skills and experience:Mike has over 30 years' experience in the global mining and petroleum industry, spanningoperational, commercial, safety, technology and marketing roles. He joined BHP in 2003, initially inbusiness development and then in marketing and trading of a range of mineral and petroleumcommodities based in The Hague, where he was also accountable for BHP's ocean freightoperations. He went on to hold various positions in the Company, including President Coal,President HSE, Marketing and Technology, and Chief Marketing Officer. Mike was appointed ChiefExecutive Officer on 1 January 2020 and has been a member of the Executive Leadership Teamsince 2011. Prior to joining BHP, Mike worked in the resources industry in Canada, Japan andAustralia.Shareholder Value:Creation of shareholder value in BHP Group:Since appointment as CEO: The present value of $1,000 invested on the appointment date ofJanuary 01, 2020 at close price of $45.62 is $2,054, including a capital gain of $713 and dividendreinvested of $341.

Ken MacKenzie (Chairman)Ken has been a Director of BHP Billiton Limited and BHP Billiton Plc since September 2016. He wasappointed Chairman with effect from 1 September 2017.Skills and experience:Ken has extensive global and executive experience, and a deeply strategic approach. From 2005until 2015, he served as the Managing Director and Chief Executive Officer of Amcor Limited, aglobal packaging company with operations in over 40 countries. During his 23 year career withAmcor, Ken gained extensive experience across all of Amcor's major business segments indeveloped and emerging markets in the Americas, Australia, Asia and Europe.Other directorships and offices (current and recent):Former Managing Director and Chief Executive Officer of Amcor Limited (from July 2005 to April2015).Advisory Board member of American Securities Capital Partners LLC (since January 2016).Advisory Board member of Adamantem Capital (since September 2016).Former Senior Adviser to McKinsey & Company (from January 2016 to June 2017).Board Committee memberships:Chairman of the Nomination and Governance Committee.Member of the Sustainability Committee.Shareholder Value:Creation of shareholder value in BHP Group:Since appointment as Chairman: The present value of $1,000 invested on the appointment dateof September 01, 2017 at close price of $31.22 is $3,651, including a capital gain of $1,503 anddividend reinvested of $1,148.

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Vandita Pant (Chief Commercial Officer)Experience:Vandita was appointed Chief Commercial Officer in July 2019, with global accountabilities forMarketing, Supply and Maritime and for developing the Company's view on global commoditiesmarkets. She is the most senior Asian female in the BHP Group globally. Vandita joined BHP in 2016as Group Treasurer and Head of Europe, responsible for BHP's structural financial risk, liquidityinvestment portfolio, commodity price risk, credit risk, corporate finance, capital managementrelated functions and involved in all strategic transactions with a balance-sheet impact.She has over 25 years of international experience having worked in a variety of executive roles inIndia, Singapore, Japan and, for the last 13 years, in London. Prior to this, she was with the RoyalBank of Scotland where she undertook various challenging mandates as Business Treasurer, GroupHead of Capital Management and Markets, and, following the 2008 Global Financial Crisis, settingup Global Balance Sheet & Liquidity Management. She spent 11 years with ABN AMRO Bank and3 years with BNP Paribas in a variety of roles in Strategy & Corporate Finance, BusinessDevelopment, Commodity Finance and Risk Management.She holds a Bachelor of Commerce (Hons) degree from Delhi University and an MBA from theIndian Institute of Management (IIM) in Finance and Marketing.

Shareholder Value:Creation of shareholder value in BHP Group:Month of appointment: July 2019In the last 3 years the average annualized return to shareholders was 28.8%. The present value of$1,000 (PV1000) invested 3 years ago is now $2,151, a gain of $702 and dividend reinvested of$449.

Board of Directors

Fig 50: Board Of DirectorsName Designation Since AppointmentJohn Mogford Director

Lindsay Maxsted Director 11 Yrs, 1 Mo

Malcolm Broomhead Director 12 Yrs, 1 Mo

Gary Goldberg Director 2 Yrs, 2 Mos

Terry Bowen Director 4 Yrs, 6 Mos

Anita Frew Independent Director

Xiaqun Clever Independent Non-Executive Director 1 Yr, 6 Mos

Dion Weisler Independent Non-Executive Director 1 Yr, 10 Mos

Michelle Hinchliffe Independent Non-Executive Director 1 Mo

Catherine Tanna Independent Non-Executive Director

Ian Cockerill Independent Non-Executive Director 3 Yrs

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Fig 51: Profiles of Board of Directors

John Mogford (Director)John has been a Director of BHP Group Limited and BHP Group Plc since October 2017.Skills and experience:John has extensive oil and gas knowledge and transformational strategy leadership experience,having worked in the oil and gas industry for over forty years. John spent the majority of his careerin various leadership, technical and operational roles at BP Plc where he gained significantknowledge of upstream oil and gas assets and activities. More recently, John was the ManagingDirector and an Operating Partner of First Reserve, a large global energy focused private equityfirm, from 2009 until 2015, during which he served on the boards of First Reserve's investeecompanies, including as Chairman of Amromco Energy LLC and White Rose Energy Ventures LLP.John is currently on the board of ERM Worldwide Group Limited, having retired from the boards ofWeir Group Plc and one of First Reserve's portfolio companies, DOF Subsea AS, in 2018.Other directorships and offices (current and recent):Non-executive Director of ERM Worldwide Group Limited (since 2015).Former Non-executive Director of Network Rail Limited (from 2016 to 2017).Former Managing Director (from 2012 to 2015) and Operating Partner (from 2009 to 2012) of FirstReserve Corporation.Former Non-executive Director of Midstates Petroleum Company Inc. (from 2011 to 2016).Former Non-executive Director of CHC Group Limited (from 2014 to 2015) and CHC Helicopters SA(from 2012 to 2015).Former Non-executive Director of DOF Subsea AS (from 2009 to 2018).Former Non-executive Director of Weir Group Plc (from 2008 to 2018).Board Committee membership:Chairman of the Sustainability Committee.

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Gary Goldberg (Director)Gary has been a Director of BHP Group Limited and BHP Group Plc since February 2020.Skills and experience:Mr Goldberg has more than 35 years' of global experience in the mining industry, including inexecutive, operational and strategic roles.In his most recent role, Gary Goldberg served as Chief Executive Officer of Newmont GoldcorpCorporation, which is one of the world's largest gold producers. Prior to joining Newmont in 2011,Mr Goldberg spent 30 years at Rio Tinto where he held senior executive roles, most recently asPresident and Chief Executive Officer of Rio Tinto Minerals Inc., and in leadership roles in Rio Tinto'scoal, gold, copper and industrial minerals businesses.Other directorships and offices (current and recent):Advisor, Newmont Goldcorp Corporation (from October 2019 to March 2020).Former President and Chief Executive Officer of Newmont Mining Corporation (from 2013 to 2019),and Chief Executive of the merged Newmont Goldcorp Corporation (April 2019 - September2019).Former Director (from 2013 to 2019) and Treasurer (from 2017 to 2019) of the International Councilon Mining and Metals.Former Vice Chair of the World Gold Council (from 2017 to 2019).Former Co-Chair of the World Economic Forum for Mining and Metals Governors (from 2016 to2017).Former President and Chief Executive Officer of Rio Tinto Minerals Inc. (from 2006 to 2011).Former Chairman of the US National Mining Association (from 2008 to 2010).Former President and Chief Executive Officer of U.S. Borax Inc. (from 2004 to 2006).Former Managing Director of Coal & Allied Industries Ltd. (from 2001 to 2004).Former President and Chief Executive Officer of Kennecott Energy Corp. (from 1999 to 2001).Board Committee membership:Member of the Remuneration CommitteeMember of the Sustainability Committee

Shareholder Value:Creation of shareholder value in BHP Group:Month of appointment: February 2020In the last 2 years the average annualized return to shareholders was 64.5%. The present value of$1,000 (PV1000) invested 2 years ago is now $2,704, a gain of $1,299 and dividend reinvested of$406.

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Malcolm Broomhead (Director)Malcolm has been a Director of BHP Billiton Limited and BHP Billiton Plc since March 2010.Skills and experience:Malcolm has extensive experience in running industrial and mining companies with a globalfootprint and broad global experience in project development in many of the countries in whichBHP Billiton operates. He was Managing Director and Chief Executive Officer of Orica Limited from2001 until September 2005. Prior to joining Orica, Malcolm held a number of senior positions atNorth Limited, including Managing Director and Chief Executive Officer and, prior to that, heldsenior management positions with Halcrow (UK), MIM Holdings, Peko Wallsend and IndustrialEquity.Other directorships and offices (current and recent):Chairman of Orica Limited (since January 2016).Chairman of Asciano Limited (since October 2009).Former Director of Coates Group Holdings Pty Ltd (from January 2008 to July 2013).Director of the Walter and Eliza Hall Institute of Medical Research (since July 2014).Board Committee membership:Member of the Sustainability Committee. Member of the Risk and Audit Committee.

Shareholder Value:Creation of shareholder value in BHP Group:Month of appointment: March 2010In the last 10 years the average annualized return to shareholders was 3.6%. The present value of$1,000 (PV1000) invested 10 years ago is now $1,423, a gain of $423.

Terry Bowen (Director)Terry has been a Director of BHP Group Limited and BHP Group Plc sinceOctober 2017. Skills and experience:Terry has significant experience across a range of diversified industries, with a very strongbackground in finance leadership roles. He served as an Executive Director and Finance Directorof Wesfarmers Limited from 2009 to 2017, which included chairing a number of Wesfarmers'operating divisions over this time. Prior to this, Terry held various senior executive roles withinWesfarmers, including as Finance Director of Coles, Managing Director of Industrial and Safetyand Finance Director of Wesfarmers Landmark. He also served as the inaugural Chief FinancialOfficer of Jetstar Airways Limited from 2003 to 2005 and before this, held senior finance roles overan 11 year career with Tubemakers of Australia Limited. Mr Bowen is a former Director of GreshamPartners, past President of the National Executive of the Group of 100 Inc. and former Director ofthe Harry Perkins Institute of Medical Research Incorporated. He is also the Head of the OperationsGroup at BGH Capital and a Director of Navitas Pty Limited and Transurban Group.Other directorships and offices (current and recent):Director of Transurban Group (since 2020).Director of Navitas Pty Limited (since 2019).Head of the Operations Group at BGH Capital (since 2018).Director of West Coast Eagles Football Club (since 2017).Former Executive Director and Finance Director of Wesfarmers Limited (from 2009 to 2017).Former Chairman of West Australian Opera Company Incorporated (from 2014 to 2017).Former Director of Gresham Partners Holdings Limited and Gresham Partners Group Limited (from2009 to 2017).

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Former Director of the Harry Perkins Institute of Medical Research Incorporated (from 2010 to 2013).Former Chief Financial Officer of Jetstar Airways Limited (from 2003 to 2005).Board Committee memberships:Member of the Risk and Audit Committee.

Shareholder Value:Creation of shareholder value in BHP Group:Month of appointment: October 2017In the last 5 years the average annualized return to shareholders was 35.7%. The present value of$1,000 (PV1000) invested 5 years ago is now $4,609, a gain of $2,063 and dividend reinvested of$1,547.

Lindsay Maxsted (Director)Lindsay has been a Director of BHP Billiton Limited and BHP Billiton Plc since March 2011.Skills and experience:Lindsay is a corporate recovery specialist who has managed a number of Australia's largestcorporate insolvency and restructuring engagements and, until 2011, continued to undertakeconsultancy work in the restructuring advisory field. He was the Chief Executive Officer of KPMGAustralia between 2001 and 2007. Lindsay is the Board's nominated 'audit committee financialexpert' for the purposes of the US Securities and Exchange Commission Rules, and the Board issatisfied that he has recent and relevant financial experience for the purposes of the UK FinancialConduct Authority's Disclosure and Transparency Rules and the UK Corporate Governance Code.Other directorships and offices (current and recent):Chairman of Westpac Banking Corporation (since December 2011) and a Director (since March2008).Chairman of Transurban Group (since August 2010) and a Director (since March 2008).Director and Honorary Treasurer of Baker IDI Heart and Diabetes Institute (since June 2005).Board Committee membership:Chairman of the Risk and Audit Committee.

Shareholder Value:Creation of shareholder value in BHP Group:Month of appointment: March 2011In the last 10 years the average annualized return to shareholders was 3.6%. The present value of$1,000 (PV1000) invested 10 years ago is now $1,423, a gain of $423.

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Anita Frew (Independent Director)Anita has been a Director of BHP Group Limited and BHP Group Plc since September 2015.Skills and experience:Anita Frew has extensive board, strategy, marketing, governance and risk managementexperience in the chemicals, engineering, water and finance industries. She is the Chairman ofCroda International Plc and Deputy Chairman of Lloyds Banking Group. She was until recently theChairman of Victrex Plc, Senior Independent Director of Aberdeen Asset Management Plc and IMIPlc, and a Non-executive Director of Northumbrian Water.Other directorships and offices (current and recent):Director (since March 2015) and Chairman of Croda International Plc (since September 2015).Director (since 2010), Deputy Chairman (since December 2014) and Senior Independent Director(since May 2017) of Lloyds Banking Group Plc.Former Senior Independent Director of Aberdeen Asset Management Plc (from October 2004 toSeptember 2014).Former Senior Independent Director of IMI Plc (from March 2006 to May 2015).Former Chairman of Victrex Plc (from 2008 to October 2014). BoardCommittee membership:Member of the Remuneration Committee.Member of the Risk and Audit Committee.

Ian Cockerill (Independent Non-Executive Director)Ian has been a Director of BHP Group Limited and BHP Group Plc since 1 April 2019.Skills and experience:Ian has extensive global mining operational, project and executive experience having initiallytrained as a geologist. He was formerly the Chief Executive Officer of Anglo American Coal andChief Executive Officer and President of Gold Fields Limited, and a senior executive withAngloGold Ashanti and Anglo American Group. Ian is the Chairman of Polymetal Internationalplc.Ian is the former Chairman of BlackRock World Mining Trust plc and the former Lead IndependentDirector of Ivanhoe Mines Ltd and former Director of Orica Limited and Endeavour MiningCorporation. Ian is also the former Chairman of the Leadership for Conservation in Africa, a not-for-profit organisation, and is the Chairman of Conservation 360, a Botswanan conservation NGOdealing with anti-poaching initiatives. He is a former Director of Business Leadership South Africa,the South African Business Trust and the World Gold Council.Other directorships and offices (current and recent):Chairman of Polymetal International plc (since 2019).Former Director of Orica Limited (from 2010 to 2019).Former Director (from 2013 to 2019) and Chairman (from 2016 to 2019) of BlackRock World MiningTrust plc.Former Director (from 2011 to 2019) and Lead Independent Director (from 2012 to 2019) ofIvanhoe Mines Ltd.Former Director of Endeavour Mining Corporation (from 2013 to 2019).Former Executive Director and executive Chairman (from 2010 to 2013) and Non-executiveChairman (from 2013 to 2017) of Petmin Limited.Former Chairman of Hummingbird Resources plc (from 2009 to 2014).Board Committee memberships:Member of the Risk and Audit Committee.Member of the Sustainability Committee.

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Shareholder Value:Creation of shareholder value in BHP Group:Since appointment as Independent Non-Executive Director: The present value of $1,000 investedon the appointment date of April 01, 2019 at close price of $45.25 is $2,143, including a capitalgain of $727 and dividend reinvested of $417.

Financials as Reported FY 2021, Past 7 Years

Fig 52: Financials as reported (FY 2021 [year-ended 30 June 2021 ])RESULTS OF OPERATIONS AND FINANCIAL CONDITION(In $ Million, except per share data and shares outstanding)

Fig 53: INCOME STATEMENT AS REPORTEDDescription $ Million $ MillionJun 30 2021 2020 Change %Continuing operationsRevenue 60,817 42,931 Up 41.7

Other income 510 777 Down 34.4

Expenses excluding net finance costs -34,500 -28,775 Deterioration 19.9

Loss from equity accounted investments related impairmentsand expenses

-921 -512 Deterioration 79.9

Profit from operations 25,906 14,421 Up 79.6

Financial expenses -1,378 -1,262 Deterioration 9.2

Financial income 73 351 Down 79.2

Net finance costs -1,305 -911 Deterioration 43.2

Profit before taxation 24,601 13,510 Up 82.1

Income tax expense -10,921 -4,708 Deterioration 132.0

Royalty-related taxation (net of income tax benefit) -229 -66 Deterioration 247.0

Total taxation expense -11,150 -4,774 Deterioration 133.6

Profit after taxation from Continuing operations 13,451 8,736 Up 54.0

Discontinued operationsLoss after taxation from Discontinued operationsProfit after taxation from Continuing and Discontinuedoperations

13,451 8,736 Up 54.0

Attributable to non-controlling interests 2,147 780 Up 175.3

Attributable to BHP shareholders 11,304 7,956 Up 42.1

Basic earnings per ordinary share (cents) 223.5 157.3 Up 42.1

Diluted earnings per ordinary share (cents) 223 157 Up 42.0

Basic earnings from Continuing operations per ordinary share(cents)

$2.24 $1.57 Up 42.7


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Diluted earnings from Continuing operations per ordinary share(cents)

$2.23 $1.57 Up 42.0

Weighted average number of shares (Million)Basic 5,057,000,000 5,057,000,000 Steady

Diluted 5,068,000,000 5,069,000,000 Down

Fig 54: BALANCE SHEET AS REPORTEDDescription $ Million $ MillionJun 30 2021 2020 Change %ASSETSCurrent assetsCash and cash equivalents 15,246 13,426 Up 13.6

Trade and other receivables 6,059 3,364 Up 80.1

Other financial assets 230 84 Up 173.8

Inventories 4,426 4,101 Up 7.9

Assets held for sale 324

Current tax assets 279 366 Down 23.8

Other 129 130 Down 0.8

Total current assets 26,693 21,471 Up 24.3

Non-current assetsTrade and other receivables 337 267 Up 26.2

Other financial assets 1,610 2,522 Down 36.2

Inventories 1,358 1,221 Up 11.2

Property plant and equipment 73,813 72,362 Up 2.0

Intangible assets 1,437 1,574 Down 8.7

Investments accounted for using the equity method 1,742 2,585 Down 32.6

Deferred tax assets 1,912 3,688 Down 48.2

Other 25 43 Down 41.9

Total non-current assets 82,234 84,262 Down 2.4

Total assets 108,927 105,733 Up 3.0

LIABILITIESCurrent liabilitiesTrade and other payables 7,027 5,767 Up 21.8

Interest bearing liabilities 2,628 5,012 Down 47.6

Liabilities directly associated with the assets held for sale 17

Other financial liabilities 130 225 Down 42.2

Current tax payable 2,800 913 Up 206.7

Provisions 3,696 2,810 Up 31.5

Deferred income 105 97 Up 8.2

Total current liabilities 16,403 14,824 Up 10.7

Non-current liabilities


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Trade and other payables 1

Interest bearing liabilities 18,355 22,036 Down 16.7

Other financial liabilities 1,146 1,414 Down 19.0

Non-current tax payable 120 109 Up 10.1

Deferred tax liabilities 3,314 3,779 Down 12.3

Provisions 13,799 11,185 Up 23.4

Deferred income 185 210 Down 11.9

Total non-current liabilities 36,919 38,734 Down 4.7

Total liabilities 53,322 53,558 Down 0.4

Net assets 55,605 52,175 Up 6.6

EQUITYShare capital - BHP Group Limited 1,111 1,111 Steady

Share capital - BHP Group Plc 1,057 1,057 Steady

Treasury shares -33 -5 Deterioration 560.0

Reserves 2,350 2,306 Up 1.9

Retained earnings 46,779 43,396 Up 7.8

Total equity attributable to BHP shareholders 51,264 47,865 Up 7.1

Non-controlling interests 4,341 4,310 Up 0.7

Total equity 55,605 52,175 Up 6.6

Fig 55: CASH FLOW AS REPORTEDDescription $ Million $ MillionJun 30 2021 2020 Change %Operating activitiesProfit before taxation 24,601 13,510 Up 82.1

Adjustments for:Depreciation and amortisation expense 6,824 6,112 Up 11.6

Impairments of property plant and equipment financial assetsand intangibles

2,635 494 Up 433.4

Net finance costs 1,305 911 Up 43.2

Loss from equity accounted investments related impairmentsand expenses

921 512 Up 79.9

Other 348 720 Down 51.7

Changes in assets and liabilities:Trade and other receivables -2,723 291 Deterioration

Inventories -447 -715 Improved 37.5

Trade and other payables 1,201 -755 Recovery

Provisions and other assets and liabilities 501 1,188 Down 57.8

Cash generated from operations 35,166 22,268 Up 57.9

Dividends received 753 137 Up 449.6

Interest received 97 385 Down 74.8

Interest paid -771 -1,225 Improved 37.1


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(Settlements)/proceeds of cash management relatedinstruments

-401 85 Deterioration

Net income tax and royalty-related taxation refunded 407 48 Up 747.9

Net income tax and royalty-related taxation paid -8,017 -5,992 Deterioration 33.8

Net operating cash flows from Continuing operations 27,234 15,706 Up 73.4

Net operating cash flows from Discontinued operationsNet operating cash flows 27,234 15,706 Up 73.4

Investing activitiesPurchases of property plant and equipment -6,606 -6,900 Improved 4.3

Exploration expenditure -514 -740 Improved 30.5

Exploration expenditure expensed and included in operatingcash flows

430 517 Down 16.8

Investment in subsidiaries operations and joint operations netof cash

-480

Net investment and funding of equity accounted investments -578 -618 Improved 6.5

Proceeds from sale of assets 197 265 Down 25.7

Other investing -294 -140 Deterioration 110.0

Net investing cash flows from Continuing operations -7,845 -7,616 Deterioration 3.0

Net investing cash flows from Discontinued operationsProceeds from divestment of Onshore US net of its cashNet investing cash flows -7,845 -7,616 Deterioration 3.0

Financing activitiesProceeds from interest bearing liabilities 568 514 Up 10.5

Proceeds/(settlements) of debt related instruments 167 -157 Recovery

Repayment of interest bearing liabilities -8,395 -2,047 Deterioration 310.1

Purchase of shares by Employee Share Ownership Plan (ESOP)Trusts

-234 -143 Deterioration 63.6

Share buy-back - BHP Group LimitedDividends paid -7,901 -6,876 Deterioration 14.9

Dividends paid to non-controlling interests -2,127 -1,043 Deterioration 103.9

Net financing cash flows from Continuing operations -17,922 -9,752 Deterioration 83.8

Net financing cash flows from Discontinued operationsNet financing cash flows -17,922 -9,752 Deterioration 83.8

Net increase/(decrease) in cash and cash equivalents fromContinuing operations

1,467 -1,662 Recovery

Net increase/(decrease) in cash and cash equivalents from Discontinued operationsProceeds from divestment of Onshore US net of its cashCash and cash equivalents net of overdrafts at the beginningof the financial year

13,426 15,593 Down 13.9

Foreign currency exchange rate changes on cash and cashequivalents

353 -505 Recovery

Cash and cash equivalents net of overdrafts at the end of thefinancial year

15,246 13,426 Up 13.6


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Fig 56: Financials Past 7 YearsDescription (June 30) 2021 2020 2019 2018 2017 2016 2015Income StatementRevenue per share 12 8.47 8.53 8.08 6.79 5.81 8.5

EBITDA (B) 17.9

Depreciation (B) 9.2

EBIT (B) 26 14.8 16.6 16.3 (6.1) 8.8

Interest 1.4 B 1.3 B 1.5 B 1.6 B 1.2 B 702 M

Profit before tax (B) 24.6 13.5 15 14.8 (7.3) 8.1

Tax (B) (11.2) (4.8) (5.5) (7) (4.4) (1.1) 3.7

Net profit (B) 11.3 8 8.3 3.7 5.9 (6.4) 1.9

EPS 2.24 1.57 1.6 0.7 1.11 (1.2) 0.36

Balance SheetEquity Share Capital (B) 51.3 47.9 47.2 55.6 62.7 54.3 64.8

Retained Earnings (B) 46.8 43.4 42.8 51.1 52.6 49.5 60

Total Debt (B) 21.1 27.3 25 26.9 29.6 4.7 31.2

Total Assets (B) 108.9 105.7 100.9 112 117 119 124.6

Current Asset (B) 26.7 21.5 23.4 35.1 21.1 17.7 16.4

Fixed Asset (B) 73.8 72.4 68 67.2 80.5 84 94.1

Working Capital (B) 10.3 6.6 11 21.1 9.7 5.4 3.5

Cash FlowOperating Cash Flow (B) 27.2 15.7 17.9 18.5 16.8 10.6 19.3

Investing Cash Flow (B) (7.8) (7.6) 2.6 (5.9) (4.2) (7.2) (13.2)

Financing Cash Flow (17.9 B) (9.8 B) (20.5 B) (10.9 B) (9.1 B) 284 M (8.3 B)

Net Cash Flow 1.5 B (1.7 B) (50 M) 1.6 B 3.5 B 3.7 B (2.1 B)


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Peer Comparison & Ranking of BHP

Fig 57: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKINGBHP Group vs IDR Market

Out of 904 units in the International Depository Receipts Market, BHP Group is ranked Twenty-third(23) by Market Cap in $, Twenty-seventh(27) by Net Profit $, Fifty-fourth(54) by Yield and Sixty-fifth(65) by Revenue.

IDR Avg BHP BHP RankMarket Cap $ 114.9 B 23

Net Profit $ 11.3 B 27

Yield (%) 3.1 8.96 54

Revenue $ 60.8 B 65

P/Earnings/ Growth 0.1x 0.8x 106

EBITDA Margin% 10.6 42.7 136

ROA (%) 1.5 12.3 145

ROE (%) 6.9 24.2 187

Price/Net Tangible Assets 0.8x 2.1x 286

P/Earnings 8.5x 34.9x 351

Total Debt/Equity (the lower the better) 0.7x 0.4x 768

Premium to 52-Wk Low (%) 5.7 57.5 907

Discount to 52-Wk High (%) 13.2 1.9 987

Negative values are shown in brackets.

Fig 58: Stock in Index and Stock in SectorDescription BHP Bank of New York Mellon

Composite ADR Index% of Bank of New York

Mellon Composite ADR IndexMiningsector

% of Miningsector

Net Profit $ 11.3 B 1,325.4 B 0.9 60.8 B 18.6

Revenue $ 60.8 B 11,019.9 B 0.6 534.6 B 11.4

Total Assets $ 108.9 B 42,418.6 B 0.3 762.7 B 14.3

MCap $ 114.9 B 7,221.5 B 1.6 718.9 B 16.0

Fig 59: Relative Valuation Indicators: Stock vs Index and Stock vs SectorDescription BHP Bank of New York Mellon Composite ADR Index

Avg. Mining sector Avg.

Price/Earnings 34.9 4.3 11.6

P/Earnings/Growth 0.82 0.01 0.16

Yield (%) 8.96 2.96 8.5

Price/Net Tangible Assets 2.12 1.18 2.18

Total Debt/Equity (the lower thebetter)

0.38x 0.93x 0.45x

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Fig 60: RANK OF BHP GROUP IN THE BANK OF NEW YORK MELLONCOMPOSITE ADR INDEX [out of 191 ADRs], IN THE TOTAL INTERNATIONALDEPOSITORY RECEIPTS [IDR] MARKET [out of 1251 IDRs] AND IN THE MININGSECTOR [out of 23 IDRs]Description Value In BKADR* In Total IDR Market In Mining sectorMCap ($) 114.9B 17 27 1

Total Assets ($) 108.9B 46 146 2

Revenue ($) 60.8B 19 59 3

Net Profit ($) 11.3B 10 22 2

Return on Equity % 24.2 19 134 8

Net Profit Margin % 22.1 22 188 12

Price to Book 2.1 57 613 16

Price/Earnings 34.9 57 613 13

Yield % 9.0 16 114 7

PV1000 (1Year) $ 1,336 47 144 11

*The Bank of New York Mellon Composite ADR Index

Snapshot of 39 Australian ADRs

Total MCap of 39 Australian ADRs = $748.7 billionBHP Group MCap as % of Total MCap of Australian ADRs = 15.3%

*ADR Ratio: The number of shares in Australia represented by one American Depositary Receipt (ADR). For example, a Ratio of 1:60for Alterity Therapeutics means 1 ADR is equivalent to 60 ordinary shares traded in Australia.

Company Code Close ($) MCap (US$M)

Change (%YTD) P/E Yield (%) PV1000 (1Yr) *Ratio

AlterityTherapeutics

ATHE 0.8 14 -13.4 591 1:60

Alumina AWCMY 5.7 3,465 11.8 81.1 23.9 1,846 1:4

Ampol CTXAY 44.0 5,500 4.9 25.4 3.0 1:2

ASX ASXFY 60.9 11,795 -5.0 33.1 2.7 1,135 1:1

Australia & NewZealand Banking

ANZBY 20.4 57,908 3.9 12.7 5.3 992 1:1

Benitec Biopharma BNTC 2.0 2 -34.3 384 1:200

BHP Group BHP 78.2 114,880 37.0 34.9 9.0 1,336 1:2

Boral BOALY 10.3 3,171 26.6 74.9 1,683 1:4

Carsales.com CSXXY 29.4 3,615 -22.2 74.9 2.8 1,014 1:2

ClinuvelPharmaceuticals

CLVLY 13.1 648 -36.6 35.4 0.1 577 1:1

Cochlear CHEOY 83.8 11,020 8.5 22.8 1.3 985 2:1

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CommonwealthBank of Australia

CMWAY 79.0 139,759 12.8 18.6 3.5 1,260 1:1

Computershare CMSQY 18.2 9,855 27.4 72.4 2.6 1,658 1:1

Danakali DNKLY 0.3 69 -14.7 722 1:1

Fortescue Metals FSUGY 32.1 49,372 23.4 9.6 13.4 1,394 1:2

GeneticTechnologies

GENE 1.8 15 -14.6 443 1:600

Immuron IMRN 3.0 13 -6.5 535 1:40

Immutep IMMP 2.5 100 -26.1 733 1:100

Incitec Pivot INCZY 2.8 4,444 26.8 48.4 0.6 1,290 1:1

James HardieIndustries

JHX 29.9 13,281 -26.6 50.7 1.3 938 1:1

Kazia Therapeutics KZIA 7.6 61 -3.5 668 1:10

Lend LeaseCorporation

LLESY 8.3 4,671 6.8 81.5 1.5 811 1:1

Lynas LYSDY 7.0 5,001 5.0 52.2 1,458 1:1

Macquarie Group MQBKY 151.1 54,623 4.0 24.2 3.1 1,329 1:1

Mesoblast MESO 4.3 504 -30.9 494 1:5

National AustraliaBank

NABZY 12.2 80,138 19.2 8.5 4.0 1,263 2:1

Neometals RDRUY 13.0 709 67.8 3.3 4,395 1:10

Newcrest Mining NCMGY 21.2 17,284 27.1 14.9 2.2 1,074 1:1

Qantas Airways QABSY 19.5 5,826 5.6 974 1:5

QBE Insurance QBIEY 8.8 12,797 1.3 18.3 2.5 1,232 1:1

Silex Systems SILXY 6.3 216 1,400 1:5

Sims MetalManagement

SMSMY 16.0 3,240 56.7 18.9 3.2 1,512 1:1

South32 SOUHY 19.6 19,078 44.9 2.5 1,863 1:5

Suncorp Group SNMCY 8.2 10,541 7.4 13.8 6.3 1,176 1:1

Syrah Resources SRHYY 1.1 0 1:1

Telstra Corporation TLSYY 14.9 35,474 2.6 4.1 1,219 1:5

Treasury WineEstates

TSRYY 8.2 5,939 -3.6 32.1 2.4 1,088 1:1

Wesfarmers WFAFY 17.8 40,429 -16.0 11.4 7.5 955 2:1

WoodsidePetroleum

WOPEY 24.3 23,237 55.5 11.8 5.5 1,494 1:1

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ADR Identifiers

ISIN: US0886061086CUSIP: 088606108RIC: BHP.N

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INDEX (Click tab for direct access)Section 1 BHP Group ADR (BHP.N) 1

Fig 2: BHP GROUP ADR Dashboard (traded in USD) 2Fig 3: BHP Stock Dashboard (traded in Australian Dollars, AUD) 2Fig 4: Short-Term Technical Ranking: 3 out of 5 [5 is best] 3

Section 2 The Past Quarter: Financials, Analyst Ratings 3Fig 5: BHP Financials Summary: EPS up 42.7% to $2.24 in FY2021 [ y.e. 30 Jun 2021] 3Fig 6: Analyst Recommendation: Past Quarter 3

Section 3 The Past Quarter: Press Releases and Corporate Wire 4Fig 7: Appointment 4Fig 8: Bagger 4

Section 4 The Past Quarter: News and Buzz 4Section 5 Bullish Signals 5

PAST WEEK: WEAK MOMENTUM UP - BHP strengthens 1.0% on volume 0.9 times average 5Fig 9: Rank in the top 9% by Relative Valuation in the International Depository Receipts market 5Fig 10: Rank in the top 17% by Price Performance in the International Depository Receipts market 5Uptrend 5Undervaluation 6Other Bullish Signals 6

Section 6 Ongoing Bullish Parameters 7Fig 11: Growth in dividends per share and earnings per share 7Fig 12: Rule of 40 7Fig 13: Past two-years 7Fig 14: Rank in the top 4% by Size in the International Depository Receipts market 7Fig 15: Rank in the top 18% by Performance in the International Depository Receipts market 7Fig 16: Rank in the top 11% by Productivity in the International Depository Receipts market 7Fig 17: Present Value of $1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,275 8Fig 18: The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 19.6 8Fig 19: Moving Annual Return of 30.4% in the past year 9Fig 20: MCap: 5-Year Increase of $57 billion (98%) 9Fig 21: Buybacks and 5-Years Decrease of 5% in Total Shares on Issue 9Fig 22: BHP Group sees dividend rise for a second consecutive year 10Fig 23: Annualised Period-based Total ADRholder Returns [TSR %]: The Best Periods with TSR > 28.7% 10Fig 24: P/E/G < 1 10Fig 25: Improved EBIT Margins 10Fig 26: Safe Interest Cover and Improving 11Fig 27: Low Debt to Equity (%) and Reducing 11Fig 28: Increased Volume, up 13% in 5 years 11Fig 29: Increased VWAP, up 109% in 5 years 12Fig 30: Increased ADR turnover, up 136% in 5 years 12Fig 31: Satisfies three criteria of Benjamin Graham 12Fig 32: Satisfies 7 out of 9 criteria of Joseph Piotroski [pass mark 5] 12Fig 33: % Change (Tr. 12 Mo): ADR (19.7%) v Index (-6.7%) 13Fig 34: Past 12 Mo ADR Sector Index (%) 13Fig 35: Price > Moving Avg Price 14Fig 36: Turnover Period Above Average 14Fig 37: Rank in the The Bank of New York Mellon Composite ADR Index [out of 274 IDRs] 15

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Section 7 Bearish Signals 15Fig 38: Rank in the bottom 13% by Relative Valuation in the International Depository Receipts market 15Overvaluation 15

Section 8 Corporate Profile 16Fig 39: Activities 16Fig 40: Contact Details 16Fig 41: Industry & Sector 16

Section 9 Financials H1/2021, FY 2021 16Fig 42: Half-Yearly Financials 16Fig 43: Financials, FY 2021 [year-ended 30 June 2021 ] 17Fig 44: Annual growth in Revenue, Net Profit and EPS 17Fig 45: Year-on-year comparison of Performance Ratios [FY2021 vs FY2020] 18

Section 10 Dividend 19Fig 46: Dividend History 19Fig 47: Annual Dividends - Past 4 years (USD) 19

Section 11 Top Management 19Fig 48: Top Management 19Fig 49: Profiles of Top Management 20Mike Henry (CEO) 20Ken MacKenzie (Chairman) 20Vandita Pant (Chief Commercial Officer) 21

Section 12 Board of Directors 21Fig 50: Board Of Directors 21Fig 51: Profiles of Board of Directors 22John Mogford (Director) 22Gary Goldberg (Director) 23Malcolm Broomhead (Director) 24Terry Bowen (Director) 24Lindsay Maxsted (Director) 25Anita Frew (Independent Director) 26Ian Cockerill (Independent Non-Executive Director) 26

Section 13 Financials as Reported FY 2021, Past 7 Years 27Fig 52: Financials as reported (FY 2021 [year-ended 30 June 2021 ]) 27Fig 53: INCOME STATEMENT AS REPORTED 27Fig 54: BALANCE SHEET AS REPORTED 28Fig 55: CASH FLOW AS REPORTED 29Fig 56: Financials Past 7 Years 31

Section 14 Peer Comparison & Ranking of BHP 32Fig 57: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING 32Fig 58: Stock in Index and Stock in Sector 32Fig 59: Relative Valuation Indicators: Stock vs Index and Stock vs Sector 32Fig 60: RANK OF BHP GROUP IN THE BANK OF NEW YORK MELLON COMPOSITE ADR INDEX [out of 191 ADRs], IN THETOTAL INTERNATIONAL DEPOSITORY RECEIPTS [IDR] MARKET [out of 1251 IDRs] AND IN THE MINING SECTOR [out of 23IDRs] 33

Section 15 Snapshot of 39 Australian ADRs 33Section 16 ADR Identifiers 35

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GlossaryAnnual Return (Fig 19):Dividends Paid In a 12-Month Period/Price at the Beginning of the Period+ Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)Capital Gain/Loss from n Years Ago to n-1 Years Ago:Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)Debt/Equity (Fig 27):Net Debt/Net Assets %Dividend Yield (Fig 0, 9):Dividend Per Share/Share Price (%)EBIT Margin (Fig 25):Earnings Before Interest and Tax/Revenue (%)Earnings Yield:Earnings Per Share/Share Price (%)Income during the n years (3/2/1) (Fig 46):Dividends received during the PeriodInterest Cover (Fig 26, 45):Earnings Before Interest and Tax/Interest (times)Moving Average Price (n periods) (Fig 10):Sum of Prices for each Period/Number of PeriodsPCP (Fig 42):Previous Corresponding PeriodPV$1000 (Fig 10, 60, 17, 37):Present value of $1000 invested 1 year/'n' years agoPrice Close/Moving Avg Price (Fig 10):Latest Price/Moving Average PricePrice/Earnings (Fig 59, 60, 0, 24, 57, 37):Share Price/Earnings Per Share (times)

Price/NTA (Fig 37, 60):Closing Share Price/Net Tangible Assets Per Share (times)Price/Sales:Share Price/Sales Per Share (times)Relative Price Change [RPC]:Relative price change is price change of stock with respect toBenchmark IndexRelative Strength (n-th Period) (Fig 10):Price close today/Price close 'n' periods ago, then ranked by percentilewithin the entire market.Return on Assets (Fig 16, 45):Net Profit/Total Assets (%)Return on Equity (Shareholders' Funds) (Fig 16, 37, 45, 60):Net Profit/Net Assets (%)TTM (Fig 0):Trailing 12 MonthsTurnover Period (Fig 36):Time Period required for trading all Outstanding SharesTurnover Rate (Fig 36):US Dollars value of annual trading volume as a percentage of marketcapitalisationVolatility:Highest Price minus Lowest Price/Lowest Price (%)Volume Index (VI):Number of shares traded in the period/Average number of sharestraded for the periodVolume Weighted Average Price (VWAP) (Fig 29):The Volume Weighted Average Price (VWAP) is the summation ofturnover divided by total volume in the same period.

Momentum Up Price increase fuelled by above average Volume

Weak Momentum Up Price increase on below average Volume

Momentum Down Price decrease fuelled by above average Volume

Weak Momentum Down Price decrease on below average Volume

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