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, a downgrade of ~17% at the midpoint thanks to softness in US demand and unfavourable China seasonality. The guidance is fairly surprising given the recent trajectory of steel prices, clearly BSL seeing something that most aren’t.
MM is neutral BSL ~$18
Add To Hit List
