Leithner & Company

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Last published13 Jul 2026

Companies discussed, last 12 months

3 companies, monthly, latest action on the right

NovJanMarMayJulSepLatest

BHPBHP Group LtdHeld WDSWoodside EnergyHeld STOSantosHeld

Commentary

DateManagerCompanyActionSummary

13 Jul 2026Leithner & Company BHPHeldLeithner & Company holds a short position in BHP Group because, despite shares surging more than 60% over the year to 30 June and reaching an all-time high above $65, Leithner estimates the stock was more than 40% overvalued at that peak. Leithner puts fair value closer to $37.50, or nearer $30 for conservative, value-oriented investors, arguing that while BHP is a world-class enterprise with a genuinely bright outlook, bulls have grossly exaggerated the extent of that opportunity by overhyping copper. Leithner has held BHP in the past and would gladly do so again at the right price, but believes at $65 the shares are likely to generate a poor total return over both the medium term (five years) and long term (ten years).

Diversified MiningArticle, price recorded $58.34

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18 May 2026Leithner & Company WDSHeldThe manager continues to hold Woodside as a pillar of the portfolio, having purchased shares over the years including in January at lower prices. Woodside owns 50 per cent of the Tier-1 North West Shelf (NWS) project, Australia's largest oil and gas project at 16.9 Mtpa with approvals to 2070 and Browse expansion potential of 11.4 Mtpa. WDS owns 60 per cent of the fully-permitted Louisiana LNG project near Lake Charles, with 27.6 Mtpa permitted capacity (foundation phase 16.5 Mtpa by 2029) accessing one of the world's lowest-cost gas reservoirs. WDS targets approximately 40 Mtpa by early-2030s to become a top-three global LNG producer. WDS sells up to one-third of LNG in the spot market, with breakeven falling from $27 to $21.

LNG Oil and GasArticle, price recorded $32.15

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About Leithner & Company

Value Focused, All-Cap

Leithner & Company is a small, privately structured Australian value investing partnership led by Chris Leithner, explicitly modelled on the principles of Benjamin Graham and Warren Buffett's early investment partnerships. The firm applies deep-value, margin-of-safety investing to Australian and, at times, international equities, seeking significantly undervalued companies overlooked by mainstream investors. Leithner & Company is known for extensive public writing and commentary on value investing philosophy, corporate governance and market history, reflecting a strongly intellectual, classically-grounded approach to markets. The partnership structure and modest scale allow highly concentrated, patient positions uncommon among larger, more constrained institutional fund managers.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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