VULCAN STEEL LIMITED (VSL)
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VSL - VULCAN STEEL LIMITED

FNArena Sector : Steel & Scrap
Year End: June
GICS Industry Group : No Sector
Debt/EBITDA: 3.99
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$7.07

07 Feb
2025

0.020

OPEN

$7.05

0.28%

HIGH

$7.07

16,059

LOW

$6.85

TARGET
$6.925 -2.1% downside
Franking for last dividend paid out: 95%
OTHER COMPANIES IN THE SAME SECTOR
BSL . SGM .
FNARENA'S MARKET CONSENSUS FORECASTS
VSL: 1
Title FY25
Forecast
FY26
Forecast
EPS (cps) 16.7 xxx
DPS (cps) 18.3 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 42.3 xxx
Dividend Yield 2.6% xxx
Div Pay Ratio(%) 109.3% xxx
This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 2.33%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

3.06

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: 26/09 - ex-div 11.81c (franking 95%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx28.2
DPS All xxxxxxxxxxxxxxx24.8
Sales/Revenue xxxxxxxxxxxxxxx984.6 M
Book Value Per Share xxxxxxxxxxxxxxx119.5
Net Operating Cash Flow xxxxxxxxxxxxxxx156.1 M
Net Profit Margin xxxxxxxxxxxxxxx3.76 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx22.55 %
Return on Invested Capital xxxxxxxxxxxxxxx5.21 %
Return on Assets xxxxxxxxxxxxxxx4.20 %
Return on Equity xxxxxxxxxxxxxxx22.55 %
Return on Total Capital xxxxxxxxxxxxxxx12.28 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx78.3 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 xxxxxxxxxxxxxxx23 M
Long Term Debt xxxxxxxxxxxxxxx515 M
Total Debt xxxxxxxxxxxxxxx539 M
Goodwill - Gross xxxxxxxxxxxxxxx12 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx22 M
Price To Book Value xxxxxxxxxxxxxxx5.58

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx24.7 M
Capex % of Sales xxxxxxxxxxxxxxx2.51 %
Cost of Goods Sold xxxxxxxxxxxxxxx683 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx212 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 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

0.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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UBS

28/08/2024

3

Neutral

$7.00

-0.99%

Vulcan Steel's cost out program helped FY24 EBITDA come in higher than expectations, according to UBS. The broker commends management on doing well on costs considering ongoing sticky inflation. 

Geopgraphically, NZ remains challenged despite rate cuts ahead of expectations with UBS delaying a recovery until 2H25.

Australia evidenced double digit declines in volumes for the first time, the broker states, which could provide both upside or downside risks to FY25 earnings.

The balance sheet remains leveraged above the target, but below the three times covenant which paves the way for M&A opportunities.

Neutral rating unchanged. Target price moves to $7 from $7.20. UBS adjusts EPS forecasts bt -2% in FY25 and -7% in FY26.

FORECAST
UBS forecasts a full year FY25 EPS of 28.33 cents.
UBS forecasts a full year FY26 EPS of 56.66 cents.

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

05/02/2025

3

Neutral

-

-

Ahead of Vulcan Steel's 1H25 result on February 11, Jarden has reduced the FY25 EBITDA forecast to NZ$107m from NZ$125m. The reduced forecast incorporates a pushback in the timing of market recovery to the back end of 2H25 from 2Q25 expected before.

The broker notes Vulcan's balance sheet is under a little pressure but based on its FY26 estimates, the company should not breach covenants. Vulcan had agreed with its lenders to provide a relaxation of existing banking covenant thresholds through to the
end of FY25.

Target price cut to NZ$8.00 from NZ$8.05 while Neutral rating remains.

FORECAST
Jarden forecasts a full year FY25 dividend of 7.77 cents and EPS of 9.51 cents.
Jarden forecasts a full year FY26 dividend of 24.04 cents and EPS of 32.08 cents.

VSL STOCK CHART