Earnings Likely Near a Peak for BlueScope
We make no change to our AUD 5.00 per share fair value estimate for BlueScope Steel and the shares are significantly overvalued. The near-term profit outlook is positive with BlueScope guiding for second-half fiscal 2017 EBIT to approach 50% higher than a year ago. The company is benefiting from the ongoing construction boom in Australia and above-average global steel spreads. The market is excited about the potential for trade protection to fundamentally change the profitability of the business...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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