BSL – Credit Suisse rates the stock as Outperform

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The company’s second-half guidance is reduced by around -10% to “approaching $500m”. Credit Suisse suggests the market is looking at just how low guidance can go for FY20.

US and Asian spot spreads continue to fall and look to be undermining the first half. Australian steel dispatches are also softer than the broker expected, although this could reflect the supply chain de-stocking that is always seen when steel prices fall.

Target is reduced to $15.00 from $15.90. Outperform maintained.

Sector: Materials.

Target price is $15.00.Current Price is $11.30. Difference: $3.70 – (brackets indicate current price is over target). If BSL meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges – negative figures indicate an expected loss).


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