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: 0.68
Index: 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

$22.91

05 Sep
2025

0.110

OPEN

$22.81

0.48%

HIGH

$23.07

902,259

LOW

$22.78

TARGET
$25.19 10.0% upside
Franking for last dividend paid out: 50%
OTHER COMPANIES IN THE SAME SECTOR
SGM . VSL .
FNARENA'S MARKET CONSENSUS FORECASTS
BSL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 19.1 177.8 xxx
DPS (cps) xxx 60.0 60.0 xxx
EPS Growth xxx - 89.4% 100.0% xxx
DPS Growth xxx 9.1% 0.0% xxx
PE Ratio xxx N/A 12.8 xxx
Dividend Yield xxx N/A 2.6% xxx
Div Pay Ratio(%) xxx 314.3% 33.8% xxx

Dividend yield today if purchased 3 years ago: 3.76%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.63

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 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx19.1
DPS All xxxxxxxxxxxxxxx60.0
Sales/Revenue xxxxxxxxxxxxxxx16,294.4 M
Book Value Per Share xxxxxxxxxxxxxxx2,432.2
Net Operating Cash Flow xxxxxxxxxxxxxxx1,412.9 M
Net Profit Margin xxxxxxxxxxxxxxx0.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx0.69 %
Return on Invested Capital xxxxxxxxxxxxxxx0.65 %
Return on Assets xxxxxxxxxxxxxxx0.47 %
Return on Equity xxxxxxxxxxxxxxx0.69 %
Return on Total Capital xxxxxxxxxxxxxxx4.89 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-66.7 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx146 M
Long Term Debt xxxxxxxxxxxxxxx740 M
Total Debt xxxxxxxxxxxxxxx886 M
Goodwill - Gross xxxxxxxxxxxxxxx2,447 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx858 M
Price To Book Value xxxxxxxxxxxxxxx0.95

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,233.4 M
Capex % of Sales xxxxxxxxxxxxxxx7.57 %
Cost of Goods Sold xxxxxxxxxxxxxxx14,462 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,242 M
Research & Development xxxxxxxxxxxxxxx30 M
Investments - Total xxxxxxxxxxxxxxx134 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

0.6

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

19/08/2025

1

Outperform

$25.45

11.09%

BlueScope Steel delivered FY25 results with second-half outcomes at the top end of guidance, though the FY26 outlook was weaker than Macquarie expected.

Cost savings remain a highlight for the broker, with -$130m realised in FY25 and a -$200m target for FY26, while the balance sheet is solid.

The analyst notes strength at North Star from spread expansion and improving US demand, while in Australia Colorbond volumes rose 5% year-on-year and domestic despatches were up 8%.

A -$439m impairment in US coated capacity was a negative, while 1H FY26 earnings (EBIT) guidance of $550-620m came in below the broker’s forecasts.

Macquarie cuts its FY26-28 EPS forecasts by -32%, -25% and -15%, respectively, reflecting delayed Australian Steel Products cost-out benefits and softer US price realisation.

Macquarie lowers its target price to $25.45 from $29.05 and retains an Outperform rating.

FORECAST
Macquarie forecasts a full year FY26 dividend of 60.00 cents and EPS of 174.10 cents.
Macquarie forecasts a full year FY27 dividend of 60.00 cents and EPS of 208.50 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

20/08/2025

3

Neutral

$24.50

6.94%

BlueScope Steel reported 2H25 earnings (EBIT) of $429m, at the top of guidance but Jarden was slightly underwhelmed due to weak New Zealand, Australian and US coated products.

Cost reductions, North Star and Asia helped, observe the analysts, though return on invested capital (ROIC) of 6.2% was below the cost of capital.

The broker highlights a -US$280m (-$439m in Australian dollars) impairment in US coated products, halving expected sustainable EBIT to around US$35m.

Despite global uncertainty and higher energy costs, Jarden sees FY26 earnings momentum from cost-outs and resilient US spreads.

The broker cuts its target price to $24.50 from $25.00 and keeps a Neutral rating.

FORECAST
Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 168.90 cents.
Jarden forecasts a full year FY27 dividend of 60.00 cents and EPS of 193.70 cents.
Access Extra Coverage Research History >

BSL STOCK CHART

FNArena News on BSL

1
Australian Broker Call *Extra* Edition – Aug 20, 2025

Aug 20 2025 - Daily Market Reports
2
FNArena Corporate Results Monitor – 19-08-2025

Aug 19 2025 - Australia
3
Rudi’s View: BlueScope Steel, IGO, GrainCorp, Pilbara Minerals, Santos & More

Aug 14 2025 - Rudi's View
4
Next Week At A Glance -11-15 Aug 2025

Aug 08 2025 - Weekly Reports
5
Rudi’s View: AI Updates, Hot Favourites & First August Results

Aug 07 2025 - Rudi's View

Latest Steel & Scrap News

1
Sims Has Further Room To Run

Mar 25 2025 - Technicals
2
Treasure Chest: Sims

May 31 2024 - Treasure Chest
3
ESG Focus: The Little Big Things – 23-11-2023

Nov 23 2023 - ESG Focus
4
Short Term Pain Continues For Sims

Sep 14 2023 - Australia
5
ESG Focus: Green Steel Innovation On Fire

Jun 22 2023 - ESG Focus
6
ESG Focus: Green Steel Rolling In

Jun 15 2023 - ESG Focus
7
BlueScope Steel Undervalued?

Nov 21 2022 - Australia
8
BlueScope Steel Committed To Emissions Targets

Sep 28 2022 - ESG Focus
9
BlueScope Steel Transforms US Operations

Apr 13 2022 - Australia
10
Sims Shines In The Scrap Yard

Feb 16 2022 - Australia