Bluescope Beginning to Appear Undervalued Despite Softer U.S. Steel Prices; AUD 12.40 FVE Unchanged
We make no changes to our AUD 12.40 fair value estimate for no-moat Bluescope Steel following the firm's earnings update. Bluescope, citing lower-than-expected steel prices, cut guidance for fiscal 2019 operating earnings to AUD 1,350 million from about AUD 1,400 million previously. We reduce our near-term forecasts, but we had already expected significant declines in steel prices over the medium term, meaning the effect is immaterial to our valuation. Shares in Bluescope were last trading at AU...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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