Raising our BlueScope FVE to AUD 7.70 with U.S. Tariffs, but Shares Remain Overvalued
We raise our fair value estimate for no-moat BlueScope Steel by 17% to AUD 7.70 per share, from AUD 6.60 previously. Approximately 60% of the uplift reflects the benefit of likely U.S. steel tariffs on the company’s North Star steel mill. The remainder is due to the stronger near-term outlook for profitability and a slower forecast decline in group EBIT margins from an expected peak of 10.3% in fiscal 2017 to our midcycle forecast of 5.7% by fiscal 2022. Global steel prices and margins are benef...
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