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 dividend of $0.25 was flat on last year while the Board approved an increase to the share buyback program to allow up to a further A$500 million to be bought over the next 12 months – obviously a positive.
MM is neutral BSL around $18
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