Steel Outlook Unchanged but BlueScope’s U.S. Expansion Accretes; FVE Raised 42% (Corrected)
This includes corrections to our note published on March 15. An incorrect steel benchmark was inadvertently incorporated into our forecasts at the time.We increase our fair value estimate for no-moat BlueScope Steel by 42% to AUD 12.40 per share following a transfer of analyst, despite maintaining a bearish outlook on steel prices. Most of the uplift in valuation is discount rate related, with cost of capital revised to 10.2% from a prior 11%. BlueScope’s improved balance sheet position drives ...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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