29/04/2025 09:39

BlueScope Steel Ltd (BSL) $22.93

BSL has outperformed the market in 2025, advancing +22.7% year-to-date. However, it remains only slightly above its 5-year average valuation, which, at a glance, feels “rich” for a company exposed to an economic slowdown.

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17/02/2025 16:43

BlueScope Steel (BSL) $25.25

BSL +12.98%: Delivered a strong 1st half result driven by increased Colorbond volumes in Australia, implying residential demand may be recovering more quickly than expected.  

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13/11/2024 09:27

BlueScope Steel Ltd (BSL) $21.82

BlueScope (BSL) manufactures steel products (such as “Colorbond”) and is known for its operations down the road from Sydney in the Illawarra. When we consider the likely implications of a Trump Presidency on BSL the numbers stack up favourably as they compete against “cheap” Chinese imports.

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20/08/2024 09:30

BlueScope Steel Ltd (BSL) $19.89

BSL fell -3.1% on Monday, although it was down almost 7% earlier in the session. The steel supplier reported a 22% decline in fiscal 2024 profit and soft EBIT guidance that was ~5% below UBS estimates.

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27/10/2023 09:02

BlueScope Steel Ltd (BSL) $18.81

BSL rallied +1.7% on Thursday, helped by this week's upgrade by Citigroup from neutral to Buy following the stock's recent ~20% drop. Earlier in the month, the company cut 1H24 EBIT guidance by ~12% to A$620-670m; we felt the bulk of this downgrade was driven by lower US mini-mill realised spreads making up ~$80m of the downgrade and BSL Properties Group ~$10m sale project slipping into 2HFY24.

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31/03/2023 09:16

BlueScope Steel Ltd (BSL) $19.80

BSL is Australia's largest steel company which focuses on flat steel products including slab, hot rolled coil, and plate. The company’s main facilities include the North Star steel plant in Ohio, USA, and the Port Kembla Steelworks, the largest steel production facility in Australia plus it operates a US$1.36bn JV with Nippon Steel.

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20/02/2023 16:30

BlueScope Steel (BSL) $17.84

BSL -9.99%: The main focus this reporting season has been 2H guidance and BSL was no exception, they are now guiding for 2H22 earnings before interest & tax (EBIT) in the range of $480m - $550m which compares to consensus of $620m.

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07/10/2022 09:36

BlueScope Steel Ltd (BSL) $16.41

BSL has recently been added to our Hitlist for similar reasons to JHX, the stocks fallen well over 40% and it’s now trading on a P/E for 2023 of only 6.7x while at the same time the companies rolling out an exciting Colourbond equivalent in the US. Similar to the building space as a whole there’s a significant amount of bad news already factored into the...

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20/09/2022 09:10

BlueScope Steel Ltd (BSL) $15.93

BSL is catching some people’s attention after its 40% correction has the stock trading on a P/E valuation for 2023 of only 6.4x while at the same time the companies rolling out a Colourbond equivalent in the US plus there’s a huge amount of bad news already factored into the housing market – it’s undoubtedly “bottom picking” but we do like the risk/reward into further weakness.

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15/08/2022 17:32

Bluescope Steel (BSL) $17.55

BSL +3.91%: A solid session for BSL although it did finish well off the session highs following a better-than-expected FY22 result. Their underlying profit for the full year came in at $2.7bn versus $2.6bn expected thanks to high US steel spreads however, guidance for FY23 was a touch light on with the company expecting $800-900m at the Ebit line. The final...

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