Buy Or Sell Opportunity • Aug 20
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at €18.20. The fair value is estimated to be €23.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 31%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 5.1% per annum over the same time period. Declared Dividend • Aug 19
Dividend of AU$1.35 announced Shareholders will receive a dividend of AU$1.35. Ex-date: 8th September 2026 Payment date: 13th October 2026 Dividend yield will be 12%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but not covered by cash flows (237% cash payout ratio). The dividend has increased by an average of 36% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 18
Full year 2026 earnings released: EPS: AU$1.82 (vs AU$0.17 in FY 2025) Full year 2026 results: EPS: AU$1.82 (up from AU$0.17 in FY 2025). Revenue: AU$16.7b (up 2.3% from FY 2025). Net income: AU$797.6m (up AU$723.4m from FY 2025). Profit margin: 4.8% (up from 0.5% in FY 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 145% Cash payout ratio: 224% Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Michael Morley was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 30
Bluescope Steel Limited Appoints Robin Davies as Chief Executive of the Company's Australian and New Zealand Businesses BlueScope Steel Limited announced that Robin Davies was appointed Chief Executive New Zealand & Pacific Islands (NZPI) in January 2022, responsible for leading the mining, manufacturing and downstream businesses in New Zealand and the Lysaght manufacturing and distribution businesses in the Pacific Islands. He has a depth of international and operational experience, having worked for Tata Steel Europe prior to joining BlueScope in 2008. He held a number of roles in New Zealand before being appointed President North Star BlueScope Steel in Delta, Ohio, in 2017. Returning to New Zealand in 2020, he took up the role of General Manager Sales & Marketing, NZPI, and in February 2021 was appointed Chief Operating Officer, NZPI. In the interim, Gerald Cornelius will continue in the role of Interim Chief Executive, Australian Steel Products. Announcement • Feb 16
BlueScope Steel Limited Announces Unfranked Interim Dividend for the Six Months Ended December 31, 2025, Payable on March 24, 2026 BlueScope Steel Limited announced unfranked interim dividend of AUD 0.65000000 per share for the six months ended December 31, 2025, payable on March 24, 2026. Record Date is February 23, 2026. Ex Date is February 20, 2026. Announcement • Jan 14
BlueScope Announces Unfranked Special Dividend, Payable on 24 February 2026 The Board of BlueScope announced the return of AUD 438 million in surplus cash to shareholders through an unfranked special dividend of AUD 1.00 per share. Ex-dividend share trading commences on 20 January 2026, and the special dividend will have a record date of 21 January 2026 and be paid on 24 February 2026. Announcement • Jan 07
SGH Limited (ASX:SGH) and Steel Dynamics, Inc. (NasdaqGS:STLD) cancelled the acquisition of BlueScope Steel Limited (ASX:BSL). SGH Limited (ASX:SGH) and Steel Dynamics, Inc. (NasdaqGS:STLD) signed an unsolicited, non-binding and indicative proposal to acquire BlueScope Steel Limited (ASX:BSL) for AUD 13.2 billion on December 12, 2025. A cash consideration of AUD 30 per share will be paid by SGH Limited and Steel Dynamics, Inc. The proposal would see SGH acquire all of BlueScope’s shares and then on-sell BlueScope’s North American businesses to Steel Dynamics. Both SGH and SDI will utilize this support to fund their respective transaction contribution through existing cash reserves and available debt financing.
The Indicative Proposal is subject to a number of conditions, including: exclusivity; due diligence; securing significant debt financing, no material adverse change in BlueScope’s business; a unanimous recommendation from the Board of BlueScope; approval of BlueScope shareholders; no further share buy-back being undertaken by BlueScope; final approval from the Boards of the respective Consortium members; and necessary regulatory approvals.
UBS acted as financial advisor for BlueScope Steel Limited. Herbert Smith Freehills Kramer acted as legal advisor for BlueScope Steel Limited.
SGH Limited (ASX:SGH) and Steel Dynamics, Inc. (NasdaqGS:STLD) cancelled the acquisition of BlueScope Steel Limited (ASX:BSL) on January 7, 2025. The Board of BlueScope unanimously rejected the takeover proposal on the basis that it very significantly undervalued BlueScope. Announcement • Jan 05
SGH Limited (ASX:SGH) and Steel Dynamics, Inc. (NasdaqGS:STLD) signed an unsolicited, non-binding and indicative proposal to acquire BlueScope Steel Limited (ASX:BSL) for AUD 13.2 billion. SGH Limited (ASX:SGH) and Steel Dynamics, Inc. (NasdaqGS:STLD) signed an unsolicited, non-binding and indicative proposal to acquire BlueScope Steel Limited (ASX:BSL) for AUD 13.2 billion on December 12, 2025. A cash consideration of AUD 30 per share will be paid by SGH Limited and Steel Dynamics, Inc. The proposal would see SGH acquire all of BlueScope’s shares and then on-sell BlueScope’s North American businesses to Steel Dynamics. Both SGH and SDI will utilize this support to fund their respective transaction contribution through existing cash reserves and available debt financing.
The Indicative Proposal is subject to a number of conditions, including: exclusivity; due diligence; securing significant debt financing, no material adverse change in BlueScope’s business; a unanimous recommendation from the Board of BlueScope; approval of BlueScope shareholders; no further share buy-back being undertaken by BlueScope; final approval from the Boards of the respective Consortium members; and necessary regulatory approvals.
UBS acted as financial advisor for BlueScope Steel Limited. Herbert Smith Freehills Kramer acted as legal advisor for BlueScope Steel Limited. Announcement • Nov 20
Bluescope Steel Limited Appoints John Stanley Nowlan as Director, Effective November 18, 2025 BlueScope Steel Limited appointment of John Stanley Nowlan as Director. date of appointment is November 18, 2025. Announcement • Aug 18
Bluescope Steel Limited Announces Dividend for the Twelve Months Ended June 30, 2025, Payable on October 14, 2025 BlueScope Steel Limited announced dividend of AUD 0.30000000 per share for the twelve months ended June 30, 2025, payable on October 14, 2025. Record Date is September 10, 2025. Ex Date is September 9, 2025. Announcement • Aug 04
BlueScope Leads International Steel Consortium to Review Options for Whyalla Steelworks BlueScope Steel Limited (ASX:BSL) announced that it will lead an international consortium with Japanese, Indian and Korean steelmakers to participate in the Whyalla Steelworks sale process. BlueScope has entered into a Collaboration Agreement with Nippon Steel Corporation (TSE:5401), JSW Steel Limited (BSE:500228) and POSCO Holdings Inc. (KOSE:A005490) (`the Agreement') to form a consortium, collectively representing market capitalisation of AUD 115 billion, and total steelmaking capacity of approximately 130 million tonnes. BlueScope will leverage its detailed knowledge of the Australian steel industry and Whyalla assets as the consortium assesses potential options, opportunity and capital requirements. The consortium has identified Whyalla as a prospective location for future production of lower emissions iron in Australia for both domestic and export markets, with the potential to play an important role in the decarbonisation of the global steelmaking industry. The consortium has submitted a non-binding and indicative expression of interest that outlines possible options for the Whyalla assets. Should the consortium be invited to participate in the next phase of the sale process, the consortium will jointly conduct due diligence and engage with the South Australian and Federal governments regarding the announced funding support to maintain a sustainable steel industry in the region. Any decision to make an offer to acquire and develop expanded operations at Whyalla would be subject to due diligence and the consortium members' return on investment hurdles. There is no obligation under the Agreement for any of the consortium members to make an offer to acquire the Whyalla Steelworks. Announcement • Apr 16
BlueScope Steel Limited Announces Change of Company Secretary, Effective 22 April 2025 BlueScope Steel Limited announced that Penny Grau has resigned as Company Secretary, effective 22 April 2025. Virginia Porter, Chief Legal Officer, has been appointed as Company Secretary, and will be the person responsible for communications with the ASX in relation to Listing Rule matters, from 22 April 2025. Board Change • Dec 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Alistair Field was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €14.10, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 17% over the past three years. Upcoming Dividend • Sep 04
Upcoming dividend of AU$0.30 per share Eligible shareholders must have bought the stock before 10 September 2024. Payment date: 15 October 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (4.4%). Recent Insider Transactions • Sep 02
MD, CEO & Executive Director recently sold €1.5m worth of stock On the 27th of August, Mark Vassella sold around 116k shares on-market at roughly €12.81 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Declared Dividend • Aug 21
Final dividend of AU$0.30 announced Shareholders will receive a dividend of AU$0.30. Ex-date: 10th September 2024 Payment date: 15th October 2024 Dividend yield will be 3.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (31% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 29% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 21
BlueScope Steel Limited Announces Fully Franked Final Dividend for the Six Months Ended June 30, 2024, Payable on October 15, 2024 BlueScope Steel Limited announced fully franked final dividend of AUD 0.30000000 per share for the six months ended June 30, 2024. Ex-date is September 10, 2024. Record date is September 11, 2024. Payment date is October 15, 2024. Reported Earnings • Aug 19
Full year 2024 earnings released: EPS: AU$1.80 (vs AU$2.16 in FY 2023) Full year 2024 results: EPS: AU$1.80 (down from AU$2.16 in FY 2023). Revenue: AU$17.2b (down 5.9% from FY 2023). Net income: AU$804.7m (down 20% from FY 2023). Profit margin: 4.7% (down from 5.5% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Aug 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.8% net profit margin). Announcement • Jul 17
BlueScope Steel Limited to Report Fiscal Year 2025 Results on Aug 18, 2025 BlueScope Steel Limited announced that they will report fiscal year 2025 results on Aug 18, 2025 Announcement • Jul 16
BlueScope Steel Limited to Report First Half, 2025 Results on Feb 17, 2025 BlueScope Steel Limited announced that they will report first half, 2025 results on Feb 17, 2025 Declared Dividend • Feb 21
First half dividend of AU$0.25 announced Shareholders will receive a dividend of AU$0.25. Ex-date: 23rd February 2024 Payment date: 26th March 2024 Dividend yield will be 3.0%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 27% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 20
First half 2024 earnings released: EPS: AU$0.97 (vs AU$1.28 in 1H 2023) First half 2024 results: EPS: AU$0.97 (down from AU$1.28 in 1H 2023). Revenue: AU$8.59b (down 8.2% from 1H 2023). Net income: AU$437.8m (down 27% from 1H 2023). Profit margin: 5.1% (down from 6.4% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Alistair Field was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 15
Bluescope Steel Limited Appoints Alistair Field as Director BlueScope Steel Limited appointed Alistair Field as Director. Date of appointment is 15 January 2024. New Risk • Oct 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.5% net profit margin). Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Upcoming Dividend • Sep 05
Upcoming dividend of AU$0.25 per share at 2.3% yield Eligible shareholders must have bought the stock before 12 September 2023. Payment date: 17 October 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (8.7%). Reported Earnings • Aug 22
Full year 2023 earnings released: EPS: AU$2.16 (vs AU$5.71 in FY 2022) Full year 2023 results: EPS: AU$2.16 (down from AU$5.71 in FY 2022). Revenue: AU$18.2b (down 4.1% from FY 2022). Net income: AU$1.00b (down 64% from FY 2022). Profit margin: 5.5% (down from 15% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. New Risk • Aug 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (9.3% net profit margin). Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Announcement • Aug 21
Bluescope Steel Limited Announces Dividend, Payable on October 17, 2023 BlueScope Steel Limited announced dividend of AUD 0.25000000. Ex date is September 12, 2023. Record date is September 13, 2023. Payment date is October 17, 2023. Announcement • Aug 01
BlueScope Steel Limited Appoints Mr. Alistair Field as Non-Executive Director, Effect from 15 January 2024 BlueScope Steel Limited's Chairman, Mr. John Bevan, announced the appointment of Mr. Alistair Field and soon to retire Sims Ltd. Managing Director & CEO, Mr. Alistair Field, as a non-executive director to the BlueScope Board. Mr. Field will retire as CEO of Sims Ltd. on 1 October 2023. A mechanical engineer, he has more than 25 years' experience in the mining, metals and manufacturing sector and worked at senior executive level in North America, the Middle East, South Africa and the UK. He holds an MBA from Henley Business School in the UK. Prior to the Sims' role, he most recently led the Patrick Terminals and Logistics Division of Asciano and was Chief Operating Officer of Rio Tinto's Alcan Bauxite and Alumina Division.The new appointment will take effect from 15 January 2024. Buying Opportunity • Jul 07
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €14.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 67%. For the next 3 years, revenue is forecast to decline by 3.5% per annum. Earnings is also forecast to decline by 19% per annum over the same time period. Recent Insider Transactions • Mar 03
Independent Non-Executive Director recently bought €186k worth of stock On the 27th of February, Peter Alexander bought around 16k shares on-market at roughly €11.63 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €1.6m more in shares than they bought in the last 12 months. Reported Earnings • Feb 21
First half 2023 earnings released: EPS: AU$1.28 (vs AU$3.29 in 1H 2022) First half 2023 results: EPS: AU$1.28 (down from AU$3.29 in 1H 2022). Revenue: AU$9.36b (flat on 1H 2022). Net income: AU$596.9m (down 64% from 1H 2022). Profit margin: 6.4% (down from 17% in 1H 2022). Revenue is expected to fall by 4.0% p.a. on average during the next 3 years compared to a 1.7% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 11
Now 21% undervalued Over the last 90 days, the stock is up 9.7%. The fair value is estimated to be €14.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 64%. For the next 3 years, revenue is forecast to decline by 5.1% per annum. Earnings is also forecast to decline by 32% per annum over the same time period. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Peter Alexander was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Peter Alexander was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Peter Alexander was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 15
MD, CEO & Executive Director recently sold €1.8m worth of stock On the 12th of September, Mark Vassella sold around 160k shares on-market at roughly €11.18 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Upcoming Dividend • Aug 30
Upcoming dividend of AU$0.25 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 12 October 2022. Payout ratio is a comfortable 8.8% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (9.6%). Reported Earnings • Aug 16
Full year 2022 earnings released Full year 2022 results: Net income: AU$2.81b (up 137% from FY 2021). Reported Earnings • Feb 24
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$3.29 (up from AU$0.64 in 1H 2021). Revenue: AU$9.44b (up 62% from 1H 2021). Net income: AU$1.64b (up 407% from 1H 2021). Profit margin: 17% (up from 5.6% in 1H 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 3.2% compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 31
Upcoming dividend of AU$0.44 per share Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 13 October 2021. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (6.5%). Reported Earnings • Aug 21
Full year 2021 earnings released: EPS AU$2.35 (vs AU$0.20 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$12.9b (up 14% from FY 2020). Net income: AU$1.18b (up AU$1.08b from FY 2020). Profit margin: 9.2% (up from 0.9% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 03
New 90-day high: €11.80 The company is up 9.0% from its price of €10.80 on 03 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 52% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.25 per share. Reported Earnings • Feb 23
First half 2021 earnings released: EPS AU$0.64 (vs AU$0.38 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: AU$5.83b (flat on 1H 2020). Net income: AU$323.8m (up 68% from 1H 2020). Profit margin: 5.6% (up from 3.3% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 23
Revenue beats expectations Revenue exceeded analyst estimates by 0.09%. Over the next year, revenue is forecast to grow 8.3%, compared to a 20% growth forecast for the Metals and Mining industry in Germany. Is New 90 Day High Low • Jan 05
New 90-day high: €11.00 The company is up 33% from its price of €8.25 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 45% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.47 per share. Is New 90 Day High Low • Dec 18
New 90-day high: €10.90 The company is up 38% from its price of €7.90 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.36 per share. Is New 90 Day High Low • Nov 11
New 90-day high: €9.95 The company is up 34% from its price of €7.45 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.36 per share. Is New 90 Day High Low • Oct 24
New 90-day high: €9.55 The company is up 35% from its price of €7.10 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.94 per share. Is New 90 Day High Low • Oct 07
New 90-day high: €8.25 The company is up 28% from its price of €6.45 on 09 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €19.31 per share. 
