The balance sheet is repaired and BlueScope is stabilised, but significant optimism is priced in.
We raise our fair value estimate for no-moat-rated BlueScope Steel to AUD 6.60 per share from AUD 5.40 per share previously. The increase primarily reflects an increased our long-term EBIT margin assumption from 4.3% to 5.1% reflecting the change in business mix towards higher value-added products, trade protection in Australia, and the better alignment of management incentives to returns with the company’s new long-term incentive plan. The time value of money and stronger forecast near-term ear...
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