BLUESCOPE STEEL LIMITED (BSL)
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BSL

BSL - BLUESCOPE STEEL LIMITED

FNArena Sector : Steel & Scrap
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.39
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

BlueScope Steel is an Australian manufacturer of coated and painted flat steel products for the construction and engineering sector. It was de-merged from BHP and listed in 2002.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$24.55

20 Feb
2025

-0.270

OPEN

$24.59

-1.09%

HIGH

$24.65

1,566,871

LOW

$24.02

TARGET
$27.44 11.8% upside
Franking for last dividend paid out: 30%
OTHER COMPANIES IN THE SAME SECTOR
SGM . VSL .
FNARENA'S MARKET CONSENSUS FORECASTS
BSL: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 180.0 100.2 xxx
DPS (cps) xxx 55.0 60.0 xxx
EPS Growth xxx - 17.2% - 44.3% xxx
DPS Growth xxx 10.0% 9.1% xxx
PE Ratio xxx N/A 24.4 xxx
Dividend Yield xxx N/A 2.5% xxx
Div Pay Ratio(%) xxx 30.6% 59.9% xxx

Dividend yield today if purchased 3 years ago: 2.92%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.25

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 10/09 - ex-div 100c (franking 30%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx180.0
DPS All xxxxxxxxxxxxxxx55.0
Sales/Revenue xxxxxxxxxxxxxxx17,055.3 M
Book Value Per Share xxxxxxxxxxxxxxx2,441.7
Net Operating Cash Flow xxxxxxxxxxxxxxx1,410.0 M
Net Profit Margin xxxxxxxxxxxxxxx4.72 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx7.60 %
Return on Invested Capital xxxxxxxxxxxxxxx7.21 %
Return on Assets xxxxxxxxxxxxxxx5.09 %
Return on Equity xxxxxxxxxxxxxxx7.60 %
Return on Total Capital xxxxxxxxxxxxxxx9.66 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx221.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx191 M
Long Term Debt xxxxxxxxxxxxxxx531 M
Total Debt xxxxxxxxxxxxxxx722 M
Goodwill - Gross xxxxxxxxxxxxxxx2,411 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,086 M
Price To Book Value xxxxxxxxxxxxxxx0.84

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx976.3 M
Capex % of Sales xxxxxxxxxxxxxxx5.72 %
Cost of Goods Sold xxxxxxxxxxxxxxx14,594 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,311 M
Research & Development xxxxxxxxxxxxxxx31 M
Investments - Total xxxxxxxxxxxxxxx159 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

18/02/2025

1

Buy

$28.50

16.09%

Following 1H results, Citi raises its target for BlueScope Steel to $28.50 from $24.00 in the expectation FY26 and FY27 North Star spreads continue to improve with US tariffs and a rebound in US manufacturing. The Buy rating is maintained.

Yesterday's summary of the broker's research follows.

On first take, BlueScope Steel reported 1H25 results that were better than expected by 5% against consensus estimates, Citi states, due to a more robust result from Australia and higher Colorbond sales on growth in residential demand.

The interim dividend met expectations at 30c per share, and net cash declined to $88m on slightly higher-than-expected capex, the broker explains.

Management aims to generate $500m in incremental earnings from plans to debottleneck North Star and increase production of US Coated Products and value-added products.

FORECAST
Citi forecasts a full year FY25 dividend of 60.00 cents and EPS of 98.00 cents.
Citi forecasts a full year FY26 dividend of 60.00 cents and EPS of 197.00 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

4

xxxxxxxxx xx xxxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Goldman Sachs

18/02/2025

1

Buy

$27.70

12.83%

BlueScope Steel's first half results were ahead of Goldman Sachs estimates and at the top end of the EBIT guidance range. The beat was mostly driven by Australian steel products (ASP). Cash flow and the interim dividend were in line with expectations.

The company has announced a cost of productivity improvement program and a 2030 EBIT growth target of $500m from projects. Some land sales are also expected to be monetised of the next 18 months.

Goldman Sachs considers the outlook conservative and continues to rate the stock a Buy because of its compelling valuation and strong balance sheet. Target is raised to $27.70 from $26.70.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 60.00 cents and EPS of 105.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 60.00 cents and EPS of 225.00 cents.
Access Extra Coverage Research History >

BSL STOCK CHART

FNArena News on BSL

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 21-02-25

10:58 AM - Weekly Reports
2
Rudi’s View: Best Ideas & Conviction Calls

Feb 20 2025 - Rudi's View
3
Australian Broker Call *Extra* Edition – Feb 19, 2025

Feb 19 2025 - Daily Market Reports
4
Rudi’s View: More Beats In Early Feb Results

Feb 19 2025 - Rudi's View
5
FNArena Corporate Results Monitor – 18-02-2025

Feb 18 2025 - Australia

Latest Steel & Scrap News

1
Treasure Chest: Sims

May 31 2024 - Treasure Chest
2
ESG Focus: The Little Big Things – 23-11-2023

Nov 23 2023 - ESG Focus
3
Short Term Pain Continues For Sims

Sep 14 2023 - Australia
4
ESG Focus: Green Steel Innovation On Fire

Jun 22 2023 - ESG Focus
5
ESG Focus: Green Steel Rolling In

Jun 15 2023 - ESG Focus
6
BlueScope Steel Undervalued?

Nov 21 2022 - Australia
7
BlueScope Steel Committed To Emissions Targets

Sep 28 2022 - ESG Focus
8
BlueScope Steel Transforms US Operations

Apr 13 2022 - Australia
9
Sims Shines In The Scrap Yard

Feb 16 2022 - Australia
10
Positive Trends Should Galvanise Sims

Nov 11 2021 - Australia