The BHP Group Ltd (ASX: BHP) share price has delivered a strong run, rising more than 50% over the past 12 months.
Even after that move, I still think the mining behemoth is worth a closer look. Here's why I'd still consider buying BHP shares.
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A valuation that still looks reasonable
One of the more interesting aspects of BHP right now is its valuation.
Based on CommSec estimates, the company is trading on around 12 times FY27 earnings. That sits alongside expectations for earnings per share of $4.20 in FY26 and $4.43 in FY27.
That combination suggests a business that is still growing, while trading at a multiple that reflects a degree of caution.
For me, that creates an attractive setup. The market is recognising the strength of the business, while still leaving room for earnings growth to play out over time.
Copper exposure is becoming more important
BHP has always been known for iron ore, but its copper exposure is becoming an increasingly important part of the story.
Copper plays a central role in electrification, renewable energy, and infrastructure. As demand builds across these areas, high-quality copper assets can become more valuable.
BHP's portfolio includes some of the largest copper operations in the world, and the company continues to invest in expanding that exposure.
I think this adds a structural growth driver alongside its existing operations.
Potash adds a new growth engine
Another part of the story that I think is underappreciated is potash.
The Jansen project is progressing and represents a new pillar of growth for BHP. Potash is used in fertilisers, which links demand to global food production and population growth.
That creates a different type of exposure compared to traditional mining commodities.
As Jansen comes online in 2027, it has the potential to contribute meaningfully to earnings and diversify the business further.
A portfolio of world-class assets
What I find most attractive about BHP is the quality of its asset base.
The company operates large-scale, low-cost assets across iron ore, copper, and other commodities. These operations are positioned to generate strong cash flow across different market conditions.
Scale plays an important role here.
It allows BHP to operate efficiently, invest in growth, and return capital to shareholders over time.
Strong cash flow and shareholder returns
BHP has a long history of generating cash and returning it to investors.
Its earnings profile supports dividends, and the company has consistently distributed a significant portion of its profits.
For investors seeking both growth and income, that combination can be attractive.
Foolish takeaway
I think BHP continues to stand out as a high-quality mining company with multiple growth drivers.
It combines exposure to copper, a developing potash business, and a portfolio of large-scale assets that can generate strong cash flow over time.
At around 12 times estimated FY27 earnings, I think BHP shares still offer good value, supported by a growing earnings base and long-term demand for its key commodities.
