BlueScope Upgrades Profit Guidance but Shares Still Expensive
We raise our fair value estimate for no-moat-rated BlueScope Steel by 4% to AUD 8.00 per share from AUD 7.70. The increase reflects higher near-term earnings, primarily due to stronger margins at the company’s U.S.-based NorthStar steel mill, thanks to the Trump tariffs. BlueScope's guidance for second-half fiscal 2018 EBIT has risen 12% to AUD 680 million from AUD 606 million previously. We now expect EBITDA margins of USD 200 per tonne in fiscal 2018 and USD 180 in fiscal 2019 for NorthStar, v...BlueScope is a manufacturing technology company. Co.'s segments are Australian Steel Products, which produces coated and painted flat steel products for building and construction customers and commodity flat steel products; New Zealand & Pacific Steel, which consists of New Zealand Steel, Pacific Steel, New Zealand Minerals, and BlueScope Pacific Islands areas; BlueScope Buildings, which servicing the low-rise non-residential construction; Building Products ASEAN, North America and India, which producing metal coated and painted steel building products; and Hot Rolled Products North America, which includes a single site electric arc furnace producer of hot rolled coil in Ohio, the U.S.
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