Should I buy S32 stock in Australia in 2025?
Is it the right time to buy S32?
ScoreSouth32 Limited (S32) remains a noteworthy ASX-listed mining company with a broad portfolio spanning key metals crucial to the global energy transition. As of July 2025, S32 trades at approximately $3.20, with an average daily trading volume between 21 and 24 million shares, reflecting strong ongoing interest from institutional and retail investors alike. The past year has seen some price softness, largely reflecting sector-wide volatility and cyclical pressures. However, recent results exceeded expectations: half-year revenues rose by 25% year-on-year, EBITDA surged 44%, and net profit soared to $360 million. Notably, S32 secured environmental approvals for its Worsley project and made further progress at Hermosa, targeting strategic metals for electrification. Full manganese production is set to return within the coming quarter following weather disruptions, which should underpin future earnings. Analysts view S32 as well positioned amid rising demand for decarbonisation minerals, supported by operational discipline and prudent balance sheet management. Market sentiment is cautiously constructive, with technical indicators suggesting a potential rebound from current oversold levels. Consensus from more than 12 national and international banks estimates a price target of $4.16, highlighting S32’s appeal as a diversified, dividend-paying miner in a sector benefiting from long-term structural trends.
- ✅Strong 3.6% fully franked dividend yield enhances income potential for local investors.
- ✅Recent earnings beat with 25% revenue and 44% EBITDA growth year-on-year.
- ✅Diversified exposure to critical metals supporting global electrification trends.
- ✅Robust net cash position and ongoing share buyback program.
- ✅Major operational catalysts from Worsley extension and Hermosa project progression.
- ❌Short-term production forecasts reduced at Cannington due to operational issues.
- ❌Earnings sensitive to commodity price fluctuations and external supply chain risks.
Score- ✅Strong 3.6% fully franked dividend yield enhances income potential for local investors.
- ✅Recent earnings beat with 25% revenue and 44% EBITDA growth year-on-year.
- ✅Diversified exposure to critical metals supporting global electrification trends.
- ✅Robust net cash position and ongoing share buyback program.
- ✅Major operational catalysts from Worsley extension and Hermosa project progression.
Is it the right time to buy S32?
- ✅Strong 3.6% fully franked dividend yield enhances income potential for local investors.
- ✅Recent earnings beat with 25% revenue and 44% EBITDA growth year-on-year.
- ✅Diversified exposure to critical metals supporting global electrification trends.
- ✅Robust net cash position and ongoing share buyback program.
- ✅Major operational catalysts from Worsley extension and Hermosa project progression.
- ❌Short-term production forecasts reduced at Cannington due to operational issues.
- ❌Earnings sensitive to commodity price fluctuations and external supply chain risks.
Score- ✅Strong 3.6% fully franked dividend yield enhances income potential for local investors.
- ✅Recent earnings beat with 25% revenue and 44% EBITDA growth year-on-year.
- ✅Diversified exposure to critical metals supporting global electrification trends.
- ✅Robust net cash position and ongoing share buyback program.
- ✅Major operational catalysts from Worsley extension and Hermosa project progression.
- What is S32?
- The S32 stock price
- Our Full Analysis of S32 Stock
- How to buy S32 stock in Australia?
- Our 7 tips for buying S32 stock
- The latest news about S32
- FAQ
Why trust HelloSafe ?
At HelloSafe, our expert has been tracking the performance of S32 for over three years. Every month, hundreds of thousands of users in Australia trust us to decipher market trends and identify the best investment opportunities. Our analyses are provided for informational purposes and do not constitute investment advice. In accordance with our ethical charter, we have never been, and will never be, compensated by S32.
What is S32?
| Indicator | Value | Analysis |
|---|---|---|
| 🏳️ Nationality | Australian | Headquartered in Perth, S32 operates globally but maintains strong Australian roots. |
| 💼 Market | ASX, London, Johannesburg | Multi-listing enhances liquidity and access for international and local investors. |
| 🏛️ ISIN code | AU000000S320 | ISIN ensures transparency and traceability for investors worldwide. |
| 👤 CEO | Graham Kerr | Graham Kerr has led S32 since its creation, emphasising operational discipline. |
| 🏢 Market cap | 14.36 billion AUD | S32 holds a significant position among Australia’s mining and resources companies. |
| 📈 Revenue | 3.12 billion USD (H1 FY25) | Strong year-on-year revenue growth signals recovery and robust demand in key metals. |
| 💹 EBITDA | 1 billion USD (H1 FY25) | EBITDA rise of 44% highlights improving operational efficiency and profitability. |
| 📊 P/E Ratio (Price/Earnings) | 52.8–63.8 | High P/E reflects recent earnings volatility but signals future recovery potential. |
The S32 stock price
The price of S32 stock is rising this week.
As of the latest update, S32 trades at $3.20 AUD, up $0.08 (2.56%) for the past 24 hours, with a slight weekly dip of -2.1%. The company’s market capitalisation stands at $14.36 billion AUD, and its average three-month volume is between 21.4 and 24.3 million shares. S32 currently has a P/E Ratio ranging from 52.8 to 63.8, a dividend yield between 3.1% and 3.6% (fully franked), and a beta between 0.71 and 1.42. After recent volatility, the stock could offer both opportunity and short-term price swings for well-informed investors.
Our Full Analysis of S32 Stock
Having closely reviewed S32’s latest financial results and its stock performance over the last three years, enriched by proprietary synthesis of financial metrics, technical signals, market dynamics, and peer benchmarking, the stage is set for an advanced analysis. Our approach links robust portfolio fundamentals with evolving sector drivers, helping reveal investment timing within global resources. So, why might S32 stock once again become a strategic entry point into the diversified resources sector in 2025?
Recent performance and market context
S32 has demonstrated notable resilience and adaptive capacity amid market shifts over the past year. The stock currently trades at $3.20 AUD, marking a 2.56% gain over the last trading session, and sits near the middle of its 52-week range ($2.47 to $3.95 AUD). While the 6-month and 1-year changes remain negative (-7.51% and circa -16%), the company’s share price has recently rebounded from technical lows and is showing early signs of stabilisation. The market capitalisation of $14.36 billion AUD anchors S32’s standing among Australia’s top resource firms, supported by a robust average trading volume of over 21 million shares per day. Notably, recent strong half-yearly results, ongoing project developments (such as the Worsley mine approval and Hermosa project progression), and a swift return to full Australia Manganese production post-Cyclone Megan all showcase operational strength. Macroeconomically, the global drive for decarbonisation, rising electrification demand, and a government-backed push for critical minerals amplify a tailwind for S32, positioning it attractively as demand patterns shift in favour of battery metals and ESG-aligned miners.
Technical analysis
S32’s short- and medium-term technicals point towards a potential turnaround phase. Momentum indicators such as the 14-day RSI range from oversold (as low as 29.5) to neutral, indicating previous selling pressure which often precedes a technical rebound. The MACD, now in early positive territory (0.013–0.062), implies the beginning of upward momentum, while stochastic oscillators hovering from 73 to 86 reflect a transition from oversold conditions towards stability. Moving averages illustrate a recovery scenario: the 20- and 50-day moving averages (circa $3.00–$3.10 AUD) are within reach, and the 200-day average ($2.98–$3.35 AUD) now acts as both resistance and target for technical buyers. Key support levels at $2.72 and pivot supports at $2.83 AUD provide a comfortable risk floor, while resistance at $3.09 and $3.06 AUD mark important breakpoints for confirmation of sustained upside. Notably, aggregate technical signals across multiple models consistently align on a “Strong Buy,” underscoring near-term momentum opportunities for nimble traders and longer-term investors seeking an optimal entry point in a classic resources rebound setup.
Fundamental analysis
The fundamental case for S32 is rooted in strengthening financial performance and strategic portfolio management. Half-year FY25 revenue rose to $3.12 billion USD, reflecting a robust 25% year-on-year gain, while EBITDA leapt by 44% to $1 billion USD. Net profit soared to $360 million USD, a substantial improvement from $53 million USD year-on-year. S32’s operational efficiency is further evidenced by sustained cost control and quarterly net cash growth (now at $252 million USD), demonstrating an ability to convert revenue gains into tangible shareholder value. On valuation, the price/earnings ratio spans from 52.8 to 63.8, high by historical standards—yet this reflects recent earnings troughs and anticipated normalisation. Current analyst consensus targets ($3.35–$3.69 AUD) represent a compelling 5–15% upside relative to current pricing. The company’s dividend yield (3.1–3.6%, fully franked) stands out in the sector, offering a rare combination of yield, tax efficiency, and growth. Structurally, S32 retains significant geographic and commodity diversification—spanning Australia, southern Africa, and the Americas—coupled with a focus on alumina, aluminium, nickel, copper, silver, and manganese, central to energy transition and industrial growth themes. This, combined with proven brand strength and resilient cash flow, powerfully justifies a resurgence of investment interest.
Volume and liquidity
S32’s trading activity underscores strong institutional interest and high market liquidity. With nearly 4.5 billion shares outstanding and an average daily turnover exceeding 21 million shares, risk of illiquidity is minimal—supporting confidence for institutional and retail investors alike. The free float is broad, backed by prominent institutional shareholders including sovereign wealth funds and global index providers such as Vanguard. This dynamic structure ensures that valuation remains efficiently calibrated while allowing rapid market responses to earnings, project milestones, or sector news. Elevated volumes during recent technical signals of capitulation suggest robust conviction among value-oriented buyers and algorithmic traders alike.
Catalysts and positive outlook
- Hermosa Project: Construction is progressing, promising to broaden S32’s exposure to zinc, lead, and strategic silver—key inputs for technology, automotive, and renewables.
- Australia Manganese recovery: Full export capacity is on track for June 2025 following cyclone disruptions, allowing S32 to profit from anticipated commodity supply-demand shifts.
- Worsley Expansion: Environmental approval extends mining operations until 2036, adding material visibility to alumina production and underpinning forward-looking cash flows.
- Cost efficiencies: $30 million USD in support cost savings targeted for FY26 will directly enhance margins and profitability metrics.
- Share buyback program: With $158 million USD to be returned to shareholders by September 2025, S32 provides a direct pathway for capital return even amid sector volatility.
- Structural and ESG tailwinds: S32’s metals portfolio is increasingly aligned with decarbonisation and electrification trends, benefiting from ESG-focused flows, investor mandates, and supportive regulation.
- Sector momentum: Strong macro demand for strategic minerals and renewed Australian policy support for mining investment continue to sustain S32’s growth profile, contrary to headwinds seen in less agile competitors.
Looking forward, S32 is positioned at the heart of the world’s energy and technology supply chains, with each operational and capital allocation milestone acting as a catalyst for renewed market enthusiasm.
Investment strategies
- Short term: Opportunity emerges for technically inclined investors as S32 rebounds from recent oversold territory and tests well-defined support and resistance levels. Price movement above the 50- and 200-day moving averages may signal additional buy momentum for traders.
- Medium term: Strong fundamental results, visible earnings recovery, and multiple operational milestones (notably Hermosa and Worsley) offer well-timed plays ahead of quarterly result releases, capital formation, or project updates.
- Long term: Structural alignment with the global energy transition, a diversified commodity portfolio, and capital return via dividends and buybacks provide a foundation for accumulation on dips, with a view to multi-year value creation.
- Catalyst-driven: Investors may target positioning ahead of cost-saving announcements or regulatory approvals, as such events historically catalyse disproportionately positive re-ratings for S32.
- Institutional and retail focus: High float and liquidity mean that strategy flexibility is preserved, whether seeking active trading, steady accumulation, or disciplined rebalancing.
The share price’s current consolidation, just off recent lows and within range of consensus upside targets, rewards patient accumulation and tactical entry around key technical levels and news flows.
Is it the right time to buy S32?
Given the convergence of technical, operational, and macroeconomic strengths, S32 seems to represent an excellent opportunity for investors seeking credible exposure to Australia’s dynamic resources sector. The fundamentals justify renewed interest: rapid profit growth, best-in-class cash generation, robust capital management, and a compelling suite of future-facing metals and projects. Combined with attractive dividends, strong liquidity, and sectoral tailwinds, S32 stock may be entering a new bullish phase that invites serious consideration as part of a balanced tech-resources allocation. For those seeking resilient upside in the next chapter of the commodities supercycle, S32 stands firmly on the radar.
S32 continues to demonstrate both resilience and significant growth potential, and for investors looking to capture value as the resources sector turns upward, the company is well placed to deliver on both performance and conviction.
How to buy S32 stock in Australia?
Buying S32 stock online is simple and secure with the help of a regulated broker in Australia. Investors can choose between two main methods: buying shares outright (spot/cash) or trading via Contracts for Difference (CFDs) for leveraged exposure. Both approaches can be managed entirely online, offering transparency, real-time execution, and flexible investment sizes. The following sections explain each method in detail so you can find the strategy that matches your objectives. For detailed broker comparisons tailored to S32, a dedicated comparison is provided further down the page.
Spot buying
A cash purchase of S32 stock means you buy actual shares on the ASX, becoming a direct shareholder. This approach typically involves a fixed commission per order, commonly ranging from $5 to $15, depending on your broker. You may also face a small clearing fee, but there’s no ongoing cost for simply holding your S32 shares.
S32 Share Gain Scenario
If the S32 share price is $3.20 AUD, you can buy around 311 shares with a $1,000 stake, including a brokerage fee of around $5.
Gain scenario:
If the share price rises by 10%, your shares are now worth $1,100.
Result: +$100 gross gain, i.e. +10% on your investment.
Trading via CFD
CFD trading on S32 shares lets you speculate on the price without owning the underlying stock, often with the possibility to use leverage. Instead of a flat commission, you’ll pay a spread (the difference between buy and sell price), and a daily overnight financing fee if you hold a position open overnight. CFD trading is flexible but carries higher risks due to leverage.
Example of a leveraged CFD gain
You open a CFD position on S32 shares, with 5x leverage and a $1,000 initial margin. This gives you a market exposure of $5,000.
✔️ Gain scenario: If the stock rises by 8%, your position gains 8% × 5 = 40%.
Result: +$400 gain, on a bet of $1,000 (excluding fees).
Final advice
Before investing, it’s essential to compare each broker’s fees and terms to optimise your costs and protection. Your choice between spot buying and CFDs should reflect your goals, your experience, and your appetite for risk—details of leading brokers can be found further down the page.
Check out the best brokers in Australia!Compare brokersOur 7 tips for buying S32 stock
| 📊 Step | 📝 Specific tip for S32 |
|---|---|
| Analyze the market | Review S32’s exposure to strategic metals and recent sector trends influencing Australian mining stocks. |
| Choose the right trading platform | Pick an ASX-registered broker with competitive fees and strong support for Australian-listed stocks like S32. |
| Define your investment budget | Decide your S32 allocation based on personal goals and diversify with other sectors to manage risk. |
| Choose a strategy (short or long term) | Consider holding S32 for the medium to long term to benefit from its dividend yield and global project pipeline. |
| Monitor news and financial results | Stay updated on S32’s quarterly reports, project updates, and any geopolitical events impacting commodity markets. |
| Use risk management tools | Utilise stop-loss orders and set clear price targets to protect gains and limit possible losses on S32. |
| Sell at the right time | Reassess your investment at technical resistance points or ahead of major company developments affecting S32. |
The latest news about S32
S32 delivers strong quarterly results, beating analyst expectations and boosting sector confidence. South32 Limited reported a quarterly net income of 360 million USD, up from 53 million USD a year ago, and revenue of 3.12 billion USD (+25% year-on-year), well above consensus forecasts. The company also saw a sharp improvement in EBITDA (+44% year-on-year) and cash position, underlining improved cost discipline and operational execution. These results have reinforced market confidence in the group’s regional operations and management.
Technical indicators signal a bullish reversal with a “Strong Buy” designation on the ASX. In the past week, major technical analysis platforms have published convergent signals, including a new MACD buy signal and a sharp rebound from oversold RSI levels. The stock’s price has regained support above its 200-day moving average, with Fibonacci pivot points indicating further upside potential for Australian investors.
S32 secures environmental approval for Worsley project, ensuring local production continuity until 2036. Environmental authorities have greenlighted the extension of the Worsley mine in Western Australia, securing long-term bauxite and alumina production through 2036. This approval not only guarantees local employment but strengthens S32’s operational presence and sustainable practices in the region, drawing a positive response from the ASX and government partners.
Australia Manganese operations resume full capacity, driving renewed export sales from June 2025. Following temporary disruptions caused by cyclone Megan, South32 has successfully resumed full production at its Australia Manganese operations. Export shipments are now fully restored, contributing immediately to revenue and reinforcing the importance of these assets for the group’s Australian footprint and export performance.
Consensus target price rises with moderate “Buy” recommendation and potential 30% upside. Australian and international analysts have issued new research notes raising their 12-month consensus target for S32 to a range between 3.35 and 3.69 AUD, reflecting optimism regarding ongoing project catalysts and stable global demand for strategic metals. The stock’s fully franked dividend yield and stable shareholder base further boost its attractiveness for local investors.
FAQ
What is the latest dividend for S32 stock?
S32 currently pays a dividend. The latest dividend declared was fully franked at AUD 0.064 per share, paid in April 2025. With a running yield between 3.1 and 3.6%, S32 offers a competitive return for income-focused investors. The company maintains a progressive distribution policy, often aligning payouts with robust operational results and positive cash flow trends.
What is the forecast for S32 stock in 2025, 2026, and 2027?
Based on the current price of AUD 3.20, the forecasted values are: end of 2025: AUD 4.16, end of 2026: AUD 4.80, and end of 2027: AUD 6.40. S32 benefits from strong sector momentum driven by demand for strategic metals, and continued operational improvements are expected to support price appreciation.
Should I sell my S32 shares?
Holding S32 shares may be appropriate given its solid fundamentals, attractive dividend, and diversified asset base. The company's position in essential metals, ongoing cost control, and recent technical signals suggest potential for future appreciation. For many investors, S32’s steady strategic focus and positive medium- to long-term outlook support retaining shares as part of a well-diversified portfolio.
Are S32 dividends eligible for any special tax treatment in Australia?
Yes, S32 dividends are fully franked, meaning Australian residents benefit from franking credits that reduce personal tax liability. This can make S32 particularly attractive from an after-tax yield perspective, especially for those in lower or moderate tax brackets. Capital gains from S32 shares may also qualify for a 50% discount if held for more than a year.
What is the latest dividend for S32 stock?
S32 currently pays a dividend. The latest dividend declared was fully franked at AUD 0.064 per share, paid in April 2025. With a running yield between 3.1 and 3.6%, S32 offers a competitive return for income-focused investors. The company maintains a progressive distribution policy, often aligning payouts with robust operational results and positive cash flow trends.
What is the forecast for S32 stock in 2025, 2026, and 2027?
Based on the current price of AUD 3.20, the forecasted values are: end of 2025: AUD 4.16, end of 2026: AUD 4.80, and end of 2027: AUD 6.40. S32 benefits from strong sector momentum driven by demand for strategic metals, and continued operational improvements are expected to support price appreciation.
Should I sell my S32 shares?
Holding S32 shares may be appropriate given its solid fundamentals, attractive dividend, and diversified asset base. The company's position in essential metals, ongoing cost control, and recent technical signals suggest potential for future appreciation. For many investors, S32’s steady strategic focus and positive medium- to long-term outlook support retaining shares as part of a well-diversified portfolio.
Are S32 dividends eligible for any special tax treatment in Australia?
Yes, S32 dividends are fully franked, meaning Australian residents benefit from franking credits that reduce personal tax liability. This can make S32 particularly attractive from an after-tax yield perspective, especially for those in lower or moderate tax brackets. Capital gains from S32 shares may also qualify for a 50% discount if held for more than a year.
