A boom in BHP's pipeline

BHP Billiton's ratio of cash flow to capex and dividend shows strength, but its pipeline of development really underlines the miner's power.

There will be millions of words written and spoken about the BHP results. But in essence, it’s a tale of two graphs. Once you understand the message of those graphs you are a long way to understanding the strategy of our largest company.

BHP is engaged in the biggest capital investment and development program ever undertaken by an Australian company, but our first graph on sources and allocation of cash plus gearing shows how conservative the company has been.

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