Why Macquarie thinks BHP shares could be undervalued by 54%

BHP Group Ltd (ASX: BHP) shares closed down 0.6% on Friday, trading for $43.50 apiece.

That sees shares in the S&P/ASX 200 Index (ASX: XJO) mining giant up a slender 1.3% over 12 months.

Though we shouldn’t ignore the two fully franked dividends, totalling $1.71 a…