Blue Scope Steel
Study the historical dividends for BLUESCOPE STEEL LIMITED. Dividends are a portion of company profits paid out to shareholders. You are eligible to receive BSL dividends if you own the company's stock on the ex-dividend date. Investor's must have purchased the stock before the ex dividend date to be entitled to the dividend. The previous owner of the shares will receive the BSL dividend if you buy the stocks on or after the ex dividend date. The Pay Date or the Date Payable is the day when the dividend is paid to shareholders.
Blue Scope Steel (BSL) have an upgraded share trading recommendation of Outperform wth a 12-month share price target of $10.50 from analyst Macquarie Research Equities (MRE). The upgrade comes after MRE's bullish view on Hot Rolled Coil (HRC) prices. Shares in BlueScope Steel (BSL) have tracked lower to give back yesterday's gains after investors cheered the 1st half 2007 numbers. Management yesterday announced Net Profit After Tax (NPAT) of A$388m, up 24% on last year, and declared a higher-than-expected fully franked final dividend of 21 cents. MRE have observed that strong regional steel prices have helped to drive earnings and free cashflow. This is likely to continue into 2H07 despite the seasonally weak third quarter. Most of the BSL businesses helped to contribute to the improved profit result. However, the areas that improved the most compared to MRE's expectations were the Coated Products businesses in Australia and Asia. The fully franked dividend of 21 cents per share was also up on expectations, and given the strong free cashflow generation of the business MRE expect capital management to be a feature going forward. While the total business performed well, the real driver of future earnings remains the hot rolled coil (HRC) price. HRC prices drive earnings in the Hot Rolled Products Australia division and this drives nearly 70% of total BSL earnings. When HRC prices are high, earnings growth is positive and free cashflow generation is strong. To be bullish on BSL, you need to have a positive view on the Asian steel pricing environment. At this stage, MRE forecast that prices will remain at higher levels for longer with some upside risk in the medium term.
Blue Scope Steel (BSL) held their 2006 AGM yesterday. The company reported a good start to the year with net profit for the first four months of more than $250 million. Chairman Graham Kraehe said all of BlueScope's reporting segments were profitable over the period. "The first four months trading for Bluescope has been encouraging, continuing the positive July performance," he told shareholders. Macquarie Research Equities (MRE) claims that these comments in regard to the first four months of trading were positive and believe there will be net upgrades.
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