BlueScope Steel Limited

ASX:BSL Stock Report

Market Cap: AU$9.9b

BlueScope Steel Valuation

Is BSL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BSL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

AU$59.77
Fair Value
63.3% undervalued intrinsic discount
13
Number of Analysts

Below Fair Value: BSL (A$21.96) is trading below our estimate of fair value (A$59.77)

Significantly Below Fair Value: BSL is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BSL?

Key metric: As BSL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BSL. This is calculated by dividing BSL's market cap by their current earnings.
What is BSL's PE Ratio?
PE Ratio129.8x
EarningsAU$74.20m
Market CapAU$9.92b

Price to Earnings Ratio vs Peers

How does BSL's PE Ratio compare to its peers?

The above table shows the PE ratio for BSL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average30x
CIA Champion Iron
20.6x12.82%AU$2.8b
DRR Deterra Royalties
12.9x-5.59%AU$2.0b
FMG Fortescue
11.8x-9.91%AU$61.7b
VSL Vulcan Steel
74.5x34.15%AU$1.0b
BSL BlueScope Steel
129.8x28.44%AU$9.6b

Price-To-Earnings vs Peers: BSL is expensive based on its Price-To-Earnings Ratio (129.8x) compared to the peer average (30x).

Price to Earnings Ratio vs Industry

How does BSL's PE Ratio compare vs other companies in the AU Metals and Mining Industry?

9 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MLX Metals X
4.9x-27.53%US$438.89m
MMI Metro Mining
3.1x1.47%US$267.21m
BRB Breaker Resources
3.9xn/aUS$110.05m
AGY Argosy Minerals
2.2xn/aUS$69.14m
BSL 129.8xIndustry Avg. 20.9xNo. of Companies18PE020406080100+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BSL is expensive based on its Price-To-Earnings Ratio (129.8x) compared to the Australian Metals and Mining industry average (20.9x).

Price to Earnings Ratio vs Fair Ratio

What is BSL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BSL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio129.8x
Fair PE Ratio27.9x

Price-To-Earnings vs Fair Ratio: BSL is expensive based on its Price-To-Earnings Ratio (129.8x) compared to the estimated Fair Price-To-Earnings Ratio (27.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BSL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$21.96
AU$24.80
+12.92%
9.99%AU$28.00AU$19.80n/a13
Nov ’26AU$22.90
AU$24.82
+8.40%
10.24%AU$28.31AU$19.80n/a13
Oct ’26AU$22.50
AU$24.77
+10.07%
9.77%AU$28.31AU$20.50n/a14
Sep ’26AU$22.84
AU$24.83
+8.73%
10.00%AU$28.31AU$20.50n/a14
Aug ’26AU$23.38
AU$25.86
+10.62%
10.97%AU$29.05AU$20.70n/a14
Jul ’26AU$22.87
AU$26.06
+13.96%
11.18%AU$29.00AU$20.70n/a14
Jun ’26AU$22.75
AU$26.08
+14.63%
12.06%AU$30.00AU$20.50n/a14
May ’26AU$23.67
AU$25.97
+9.72%
11.82%AU$30.00AU$20.50n/a14
Apr ’26AU$21.84
AU$26.00
+19.06%
10.90%AU$30.00AU$20.70n/a14
Mar ’26AU$24.26
AU$25.62
+5.59%
10.24%AU$28.70AU$20.70n/a14
Feb ’26AU$21.29
AU$22.73
+6.74%
9.77%AU$26.70AU$18.00n/a14
Jan ’26AU$18.69
AU$21.86
+16.94%
10.28%AU$25.10AU$18.00n/a13
Dec ’25AU$22.13
AU$21.79
-1.52%
9.83%AU$25.10AU$18.00n/a13
Nov ’25AU$20.56
AU$21.69
+5.51%
10.58%AU$25.10AU$17.70AU$22.9013
Oct ’25AU$21.89
AU$21.68
-0.95%
12.57%AU$25.30AU$17.00AU$22.5013
Sep ’25AU$20.66
AU$21.95
+6.26%
12.80%AU$25.57AU$17.00AU$22.8414
Aug ’25AU$21.94
AU$23.03
+4.95%
14.11%AU$28.20AU$16.50AU$23.3814
Jul ’25AU$20.24
AU$23.74
+17.28%
15.85%AU$30.10AU$16.50AU$22.8714
Jun ’25AU$21.14
AU$23.92
+13.14%
13.37%AU$29.45AU$16.50AU$22.7514
May ’25AU$22.36
AU$24.06
+7.61%
13.27%AU$29.45AU$16.50AU$23.6714
Apr ’25AU$23.85
AU$23.31
-2.28%
11.08%AU$26.50AU$16.50AU$21.8414
Mar ’25AU$22.77
AU$23.22
+1.96%
11.45%AU$26.50AU$16.50AU$24.2613
Feb ’25AU$23.38
AU$22.49
-3.82%
14.74%AU$26.40AU$16.50AU$21.2912
Jan ’25AU$23.40
AU$22.11
-5.50%
13.55%AU$26.00AU$16.50AU$18.6912
Dec ’24AU$21.13
AU$21.74
+2.90%
13.95%AU$25.91AU$16.50AU$22.1313
Nov ’24AU$18.96
AU$21.17
+11.68%
13.90%AU$25.91AU$16.50AU$20.5613
AU$24.8
Fair Value
11.4% undervalued intrinsic discount
13
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/21 14:36
End of Day Share Price 2025/11/21 00:00
Earnings2025/06/30
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

BlueScope Steel Limited is covered by 33 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Benjamin BrayshawBarrenjoey Markets Pty Limited
Megan Kirby-LewisBarrenjoey Markets Pty Limited
April LowisBarrenjoey Markets Pty Limited