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1 October 2021 Australia

EQUITIES BlueScope Steel (BSL AU)

BSL AU Neutral Risk greater than EPS momentum
Price (at 06:10, 30 Sep 2021 GMT) A$20.50

Valuation A$ 23.15 Key points

- Sum of Parts
 US Steel prices to support EPS momentum. Pace of pullback to slow in Asia.
12-month target A$ 23.15 We see softer prices in both regions as a headwind to stock performance.
12-month TSR
Volatility Index
% +15.4
Medium
 Possible guidance upgrades to be a parting gift from a peaking cycle.
GICS sector Materials  Remain N – steel price risk. TP up to $23.15ps from $23.10ps.
Market cap A$m 10,289
30-day avg turnover A$m 55.2 Event
Number shares on issue m 501.9
• We reassess our thesis in the context of revised commodity price forecasts.
Investment fundamentals We reiterate a Neutral opinion as we believe risks outweigh reward, despite
Year end 30 Jun 2021A 2022E 2023E 2024E EPS upgrade potential.
Revenue m 12,873 17,618 14,153 13,922
EBIT m 1,724 3,534 1,442 1,287 Impact
Reported profit m 1,193 2,596 1,005 905
Adjusted profit m 1,166 2,596 1,005 905 • More upgrades. US Steel prices, in particular, continue to support EPS
Gross cashflow m 1,771 3,229 1,628 1,517
momentum. Macquarie’s Commodity Strategy team have moderated the pace
CFPS ¢ 351.5 646.2 337.1 314.1
CFPS growth % 92.7 83.9 -47.8 -6.8 of retracement expected in Asia, while US prices have surpassed their price
PGCFPS x 5.8 3.2 6.1 6.5 peak expectations. However, the key is that our team expects prices to fall.
PGCFPS rel x 0.62 0.33 0.58 0.65
EPS adj ¢ 231.5 519.2 208.1 187.3 • Macro complexity. The macro environment has become more complex, with
EPS adj growth % 230.7 124.2 -59.9 -10.0 Chinese supply and demand in some flux, while rising global yields do not
PER adj x 8.9 3.9 9.8 10.9
provide a favourable backdrop for BSL either.
PER rel x 0.48 0.22 0.54 0.64
Total DPS ¢ 50.0 50.0 50.0 50.0 • Guidance upgrades unlikely to make a difference. BSL did not provide a
Total div yield % 2.4 2.4 2.4 2.4
Franking % 0 0 0 0
guidance update at its investor day last week, but will likely do so at the
ROA % 14.0 24.5 9.1 7.8 November AGM. Given recent trends in spreads, we believe any update would
ROE % 16.5 30.2 10.1 8.4 be positive, but we think it will be of academic value given an expected decline
EV/EBITDA x 4.1 2.1 4.3 4.7
in prices from here.
Net debt/equity % -16.4 -27.0 -36.5 -39.0
P/BV x 1.4 1.0 1.0 0.9
Earnings and target price revision
BSL AU rel ASX 100 performance, & rec history
• We revise FY22/FY23/FY24 estimates by +23.6%/+13.9%/+19.4% on revised
commodity price estimates. Steel price revisions are the key driver, with US
prices overshooting prior expected highs and Asia likely fading slower than
previously expected – the key is both regions are expected to see softer prices
from here. SOTP-based TP marginally higher from $23.10 to $23.15ps as we
avoid capitalising the earnings peak.

Price catalyst
• 12-month price target: A$23.15 based on a Sum of Parts methodology.
Note: Recommendation timeline - if not a continuous line, then there was no
Macquarie coverage at the time or there was an embargo period.
Source: FactSet, Macquarie Research, September 2021 • Catalyst: AGM update on 18 November.
(all figures in AUD unless noted)

Action and recommendation

• Maintain Neutral. BSL has come under pressure as Chinese and global macro
conditions weigh on the steel complex generally, among other factors. The risk
to US steel prices remains and for this reason we stay cautious, despite the
Analysts retracement in the stock. While forward multiples are now at new lows, these are
Macquarie Securities (Australia) Limited discounting an expected, and we believe highly likely, rollover in momentum,
Peter Steyn +61 409 795 233
peter.steyn@macquarie.com notwithstanding the prospect of a guidance upgrade at the AGM.

Guus Vreeburg +61 477 960 786

guus.vreeburg@macquarie.com

Please refer to page 7 for important disclosures and analyst certification, or on our website
www.macquarie.com/research/disclosures.
Macquarie Research BlueScope Steel (BSL AU)

Fig 1 Valuations under pressure across the board Fig 2 FY23 coming into focus, accelerated by macro events

Source: Factset, Macquarie Research, September 2021 Source: Factset, Macquarie Research, September 2021

Fig 3 PER rel to ASX 200 Inds starting to discount the roll-
over in momentum Fig 4 Rising yields adding to the complexity for cyclicals

1.8 5
1.6 4.5
1.4 4
3.5
12m FWD EPS

1.2
Relative P/E

3
1.0
2.5
0.8
2
0.6
1.5
0.4 1
0.2 0.5
0.0 0
Sep-16

Aug-19

Sep-21
Mar-19
Jul-17
Dec-17
Jan-15
Jun-15
Nov-15

Jan-20
Jun-20
Apr-16

Feb-17

Oct-18

Nov-20
May-18

Apr-21

Source: Factset, Macquarie Research, September 2021 Source: Factset, Macquarie Research, September 2021

Fig 5 Asian spreads more choppy, with raw mat volatility Fig 6 US Spreads – Still in the stratosphere

USD/t USD/t
700 1600

600 1400

500 1200

400 1000

300 800

600
200
400
100
200
0
Sep 14
Sep 13

Sep 15

Sep 16

Sep 17

Sep 18

Sep 19

Sep 20

Sep 21
Jan 13

Jan 14

Jan 15

Jan 16

Jan 17

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22
May 13

May 14

May 15

May 16

May 17

May 18

May 19

May 20

May 21

0
Jan 13

Jan 14

Jan 15

Jan 16

Jan 17

Jan 18

Jan 19

Jan 20

Jan 21
Jul 13

Jul 14

Jul 15

Jul 16

Jul 17

Jul 18

Jul 19

Jul 20

Jul 21

ASP Realised spread USD/t [lagged] Half-year avg (to date) US HRC Spread (USD/t) [lagged] Half-year avg (to date)

Source: Platts, Macquarie Research, September 2021 Source: Platts, Macquarie Research, September 2021

1 October 2021 2
Macquarie Research BlueScope Steel (BSL AU)

Steel prices – focus on US price risks in near term

Fig 7 Steel prices – US HRC bucking a trend Fig 8 US scrap vs pig iron import price, $/t

2100
700
1900
650
1700
600
1500
550
1300
500
1100 450
900 400
700 350
500 300
300 250

Aug 21
Aug 18
Sep 18

Sep 20
Jun 18

Jan 19

Aug 19
May 19

May 20

Jan 21

Jun 21
Dec 17
Feb 18

Mar 19

Jul 19

Feb 20

Jul 20

Feb 21
Oct 19
Apr 18

Nov 18

Dec 19

Apr 20

Nov 20

Apr 21
200

Aug 20
Sep 20

Aug 21
Sep 21
Jun 20
Jul 20

Jan 21

Jun 21
Jul 21
May 20

May 21
Feb 21
Mar 21
Oct 20
Nov 20
Dec 20
Apr 20

Apr 21
HRC, exw N.Europe ($/t) HRC, exw US Indiana ($/st)
HRC, cif US Houston ($/st) #1 Busheling, Midwest US dom. pig iron, fob SE ports, Brazil

Source: Platts, Macquarie Research, September 2021 Source: Platts, Macquarie Research, September 2021

Macquarie Macro Strategy estimates for steel – Moderation in pace of falls, but falling nonetheless

Fig 9 US Steel prices better than expected, but fall ahead Fig 10 Similarly, Asian price moderation slower

USD/t USD/t
2500 1200

1000
2000

800
1500
600
1000
400

500
200

0 0

HRC (US) Prior HRC (US) Current HRC (Asia) Prior HRC (Asia) Current

Source: Macquarie Macro Strategy, September 2021 Source: Macquarie Macro Strategy, September 2021

BF Inputs – Offsetting forces

Fig 11 Iron ore prices down on China production cuts Fig 12 Offset by rallying met coal prices on tight supply

250 650

550
200
450
150
350

100 250

150
50
50
Dec-09

Oct-10

Dec-14

Oct-15

Dec-19

Oct-20
Aug-11

Apr-13

Aug-16

Apr-18

Aug-21
Jun-12

Jun-17
Feb-09

Feb-14

Feb-19

0
Nov-12

Nov-17
Sep-13

Sep-18
May-10

Jan-12

May-15

Jan-17

May-20
Mar-11

Jul-14

Jul-19
Mar-16

Mar-21

HCC, low vol Aust. HCC, Shanxi premium

62% Fe fines fob Braz. 62% Fe fines fob Aust. HCC, US high-vol A

Source: Platts, Macquarie Research, September 2021 Source: Platts, Macquarie Research, September 2021

1 October 2021 3
Macquarie Research BlueScope Steel (BSL AU)

Macquarie Macro Strategy estimates for fe and HCC – Offsetting

Fig 13 Iron ore – Slightly lower near term, else unchanged Fig 14 Met coal – Neutralising iron ore falls

USD/t USD/t
200 350
180
300
160
140 250
120 200
100
80 150
60 100
40
50
20
0 0

Iron Ore Prior Iron Ore Current Hard Coking Coal - Prior Hard Coking Coal - Current

Source: Macquarie Macro Strategy, September 2021 Source: Macquarie Macro Strategy, September 2021

Fig 15 SOTP Valuation – Multiple contraction continues, given peak EPS

AUDm EBIT Multiple EV

Segment FY22e FY23e FY22e FY23e FY22e FY23e
Australia Steel Products 1,188 722 2.6x 4.0x 3,090 2,887
North Star 1,943 453 2.0x 7.0x 3,887 3,173
New Zealand and Pacific Steel Products 144 68 2.0x 4.0x 289 273
Buildings North America 34 42 9.0x 7.5x 305 316
Building Products Asia and North America 364 296 7.0x 8.0x 2,548 2,369
Corporate & Group (140) (140) 6.0x 6.0x (840) (840)

Underlying EBIT (A$m) 3,534 1,442

JV Minority (147) (110) 7.0x 8.0x (1,027) (879)
Total 3,387 1,332 8,251 7,299
Aggregate EV/EBIT 2.4x 5.5x

Net debt / (net cash) (2,753) (4,059) (2,753) (4,059)

Equity value 11,003 11,357
Equity per share: 483 483 22.78 23.52
Average 23.15
Source: Macquarie Research, September 2021

1 October 2021 4
Macquarie Research BlueScope Steel (BSL AU)

Fig 16 Estimate Summary

Profit and Loss FY21a FY22e FY23e FY24e Ratio Analysis FY17 FY21a FY22e FY23e FY24e
Sales revenue Number of Shares 503.8 483.0 483.0 483.0
Australian Steel Products A$m 5,848.5 8,214.0 6,626.5 6,338.4 EPS (Adjusted Earnings) 231.5 519.2 208.1 187.3
North Star BlueScope Steel A$m 2,377.7 3,930.1 2,593.7 2,660.7 P/E (Adjusted) 8.9x 3.9x 9.8x 10.9x
Building Products Asia and North America A$m 3,125.6 3,527.1 3,514.3 3,580.7 EV/EBITDA 4.1x 1.8x 2.9x 2.9x
Buildings North America A$m 1,098.7 1,125.0 1,052.0 1,079.8 EV/EBIT 5.2x 2.0x 4.1x 4.1x
NZ & Pacific Steel A$m 894.3 1,354.9 899.8 795.8 Operating Cashflow per Share 329.1 632.7 432.2 316.8
Intersegment, Corp & Discont'd A$m (471.8) (533.0) (533.0) (533.0) P/CF 6.2x 3.2x 4.7x 6.5x
Total Revenue A$m 12,873.0 17,618.0 14,153.4 13,922.4 DPS (Cents per Share) 31.0 50.0 50.0 50.0
Growth 14.1% 36.9% -19.7% -1.6% Dividend Yield 1.5% 2.4% 2.4% 2.4%
COGS A$m (10,681.7) (13,563.6) (12,169.3) (12,087.7) Net Debt / (Cash) (1,339.4) (2,752.6) (4,058.5) (4,647.3)
Growth 4.7% 27.0% -10.3% -0.7% Gearing (ND/E) -16% -27% -36% -39%
EBITDA (Underlying) A$m 2,211.6 4,054.4 1,984.1 1,834.7 ND/EBITDA -0.6x -0.7x -2.0x -2.5x
EBITDA Margin 17.2% 23.0% 14.0% 13.2% Interest Coverage 27.9x 65.6x 30.7x 30.9x
Applied Assumptions FY17 FY21a FY22e FY23e FY24e
Depreciation & Amortisation A$m (487.8) (520.6) (542.5) (547.4) AUD$/US$ 0.75 0.73 0.74 0.72
NZ$/AUD 0.93 0.98 0.97 0.95
EBIT: 62% Fe CFR Tianjin 128.4 149.3 110.5 94.3
Australian Steel Products A$m 674.3 1,188.3 721.8 585.8 Coking Coal 117.9 244.4 180.0 162.5
North Star BlueScope Steel A$m 677.2 1,943.3 453.4 457.1 CFR Turkey HMS grade $/mt 317.6 537.9 473.3 415.8
Building Products Asia and North America A$m 333.5 364.0 296.1 267.5 Asian HRC 561.8 910.0 648.8 558.8
Buildings North America A$m 87.5 33.9 42.1 48.6 US East Coast HMS Grade US$/long ton 361.6 402.5 352.5 315.0
NZ & Pacific Steel Products A$m 130.1 144.3 68.2 68.2 US Domestic ex-works Indiana US$/long ton 1,076.3 1,505.0 767.5 717.5
Intersegment, Corp & Discont'd A$m (178.8) (140.0) (140.0) (140.0) EBIT multiple Valuation
Total EBIT (Underlying) A$m 1,723.8 3,533.8 1,441.6 1,287.3 AUD FY22e FY23e FY22e FY23e

EBIT Margin 13.4% 20.1% 10.2% 9.2% Australia Steel Products 2.6x 4.0x 3,090 2,887
North Star 2.0x 7.0x 3,887 3,173
Net Interest Expense A$m (61.7) (53.9) (46.9) (41.7) New Zealand and Pacific Steel Products 2.0x 4.0x 289 273
Buildings North America 9.0x 7.5x 305 316
NPBT A$m 1,662.1 3,480.0 1,394.7 1,245.6 Building Products Asia and North America 7.0x 8.0x 2,548 2,369
Income Tax Expense A$m (379.3) (771.0) (309.0) (276.0) Corporate & Group 6.0x 6.0x (840) (840)
Minority Interest A$m (116.5) (112.6) (80.5) (65.0)
Adjusted NPAT A$m 1,166.3 2,596.3 1,005.2 904.6 Subtotal 9,278 8,178
Non-Recurring Item 27.0 - - - JV Minority 7.0x 8.0x (1,027) (879)
Reported NPAT A$m 1,193.3 2,596.3 1,005.2 904.6 Total 8,251 7,299
Cashflow FY21a FY22e FY23e FY24e Aggregate EV/EBIT 2.4x 5.5x
EBITDA A$m 2,211.6 4,054.4 1,984.1 1,834.7 Net debt / (net cash) (2,753) (4,059)
ch. In Working Capital A$m (422.2) (359.3) 379.2 (43.0) Equity Value (AUDm) 11,003 11,357
Net Interest Paid A$m (59.3) (53.9) (46.9) (41.7) # of shares 483 483
Tax Paid A$m (68.8) (472.7) (148.5) (154.7) Equity per share (AUD): 22.78 23.52
Other A$m (3.1) (112.6) (80.5) (65.0) Average valuation 23.15
Total Operating Cashflow A$m 1,658.2 3,055.9 2,087.4 1,530.3
Capex A$m (753.4) (795.0) (540.0) (700.0)
Total Investing Cashflow A$m (757.4) (795.0) (540.0) (700.0)
Proceeds from Equity Issues A$m - - - - A$m Gearing

Borrowings Movement A$m (198.0) - - - 5,600 0%

5,200
Dividends Paid A$m (70.5) (347.6) (241.5) (241.5) -5%
4,800
Other (Includes Buybacks) A$m (225.4) (500.0) - - 4,400 -10%
4,000
Total Financing Cashflow A$m (295.9) (847.6) (241.5) (241.5) 3,600 -15%
Net Cash Movement A$m 561.6 1,413.2 1,305.9 588.8 3,200 -20%
2,800
Balance Sheet FY21a FY22e FY23e FY24e 2,400 -25%
Cash A$m 1,961.9 3,375.1 4,681.0 5,269.8 2,000 -30%
1,600
PPE A$m 4,521.9 4,796.3 4,793.9 4,946.4 1,200 -35%
Total Assets A$m 13,149.0 15,647.0 16,095.2 16,933.6 800 -40%
400
Borrowings A$m 622.5 622.5 622.5 622.5 0 -45%
Total Liabilities A$m 4,988.6 5,439.6 4,963.6 5,017.6 FY21a FY22e FY23e
Total Shareholder Equity A$m 8,160.4 10,207.4 11,131.6 11,916.0
Cash Borrowings Gearing (ND/E)

Working Capital Assumptions FY21a FY22e FY23e FY24e

Receivables as % of sales % 12.5% 11.0% 11.2% 11.7%
Inventories as % of sales % 18.0% 15.9% 16.2% 16.9%
Payables as % of sales % 17.0% 15.0% 15.3% 15.9%
WC as % of Sales % 13.5% 11.9% 12.2% 12.7%

Source: Macquarie Research, September 2021

1 October 2021 5
Macquarie Research BlueScope Steel (BSL AU)
Macquarie Quant Alpha Model Views
The quant model currently holds a strong positive view on BlueScope Steel. Attractive
Displays where the
The strongest style exposure is Earnings Momentum, indicating this stock
company’s ranked based on
has received earnings upgrades and is well liked by sell side analysts. The

Fundamentals
the fundamental consensus
weakest style exposure is Profitability, indicating this stock is not efficiently
Price Target and
converting investments to earnings; proxied by ratios like ROE or ROA.
Macquarie’s Quantitative
389/1889 Alpha model.
Two rankings: Local market
Global rank in (Australia & NZ) and Global
Materials sector (Materials)
% of BUY recommendations 45% (5/11) Quant
Local market rank Global sector rank
Number of Price Target downgrades 2
Number of Price Target upgrades 1

Macquarie Alpha Model ranking Factors driving the Alpha Model

A list of comparable companies and their Macquarie Alpha model score For the comparable firms this chart shows the key underlying styles and their
(higher is better). contribution to the current overall Alpha score.

CSR 1.2 CSR

BlueScope Steel 1.1 BlueScope Steel

Fletcher Building 1.0 Fletcher Building

ADBRI 0.2 ADBRI

Sims 0.1 Sims

Boral -0.2 Boral

-3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100%
Valuations Growth Profitability Earnings Price Quality
Momentum Momentum

Macquarie Earnings Sentiment Indicator Drivers of Stock Return

The Macquarie Sentiment Indicator is an enhanced earnings revisions Breakdown of 1 year total return (local currency) into returns from dividends, changes
signal that favours analysts who have more timely and higher conviction in forward earnings estimates and the resulting change in earnings multiple.
revisions. Current score shown below.

CSR
CSR 1.5

BlueScope Steel
BlueScope Steel 0.2

Fletcher Building
Fletcher Building 0.7

ADBRI -0.1
ADBRI

Sims 0.3 Sims

Boral -0.4 Boral

-3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 -100% -50% 0% 50% 100%
Dividend Return Multiple Return Earnings Outlook 1Yr Total Return

What drove this Company in the last 5 years How it looks on the Alpha model
Which factor score has had the greatest correlation with the company’s A more granular view of the underlying style scores that drive the alpha (higher is
returns over the last 5 years. better) and the percentile rank relative to the sector and market.
⇐ Negatives Positives ⇒
Normalized Percentile relative Percentile relative
Volatility 250 Day 36% Score to sector(/1889) to market(/430)

Price to Book FY0 22%

Alpha Model Score 1.10
Valuation -0.08
Price to Sales NTM 21% Growth 0.41
Dividend Yield FY1 20% Profitability -0.36
Earnings Momentum 1.12
Earnings Certainty -24% Price Momentum 0.11
Momentum 3 Month -26% Quality -0.05
Capital & Funding 0.12
BPS Growth FY1 -28%
Liquidity -0.79
Merton Score -41% Risk -0.16
Technicals & Trading 1.33
-60% -40% -20% 0% 20% 40% 60%
0 50 100 0 50 100
0 0 1 1

Source (all charts): FactSet, Thomson Reuters, and Macquarie Quant. For more details on the Macquarie Alpha model or for more customised analysis and
screens, please contact the Macquarie Global Quantitative/Custom Products Group (cpg@macquarie.com)

1 October 2021 6
Macquarie Research BlueScope Steel (BSL AU)
Important disclosures:
Recommendation definitions Volatility index definition* Financial definitions
Macquarie – Asia and USA This is calculated from the volatility of historical All "Adjusted" data items have had the following
Outperform – expected return >10% price movements. adjustments made:
Neutral – expected return from -10% to +10% Added back: goodwill amortisation, provision for
Underperform – expected return <-10% Very high–highest risk – Stock should be catastrophe reserves, IFRS derivatives & hedging,
expected to move up or down 60–100% in a year IFRS impairments & IFRS interest expense
Macquarie – Australia/New Zealand – investors should be aware this stock is highly Excluded: non recurring items, asset revals, property
Outperform – expected return >10% speculative. revals, appraisal value uplift, preference dividends &
Neutral – expected return from 0% to 10% minority interests
Underperform – expected return <0% High – stock should be expected to move up or
down at least 40–60% in a year – investors should EPS = adjusted net profit / efpowa*
Note: expected return is reflective of a Medium Volatility be aware this stock could be speculative. ROA = adjusted ebit / average total assets
stock and should be assumed to adjust proportionately ROA Banks/Insurance = adjusted net profit /average
with volatility risk Medium – stock should be expected to move up total assets
or down at least 30–40% in a year. ROE = adjusted net profit / average shareholders funds
Gross cashflow = adjusted net profit + depreciation
Low–medium – stock should be expected to *equivalent fully paid ordinary weighted average
move up or down at least 25–30% in a year. number of shares

Low – stock should be expected to move up or All Reported numbers for Australian/NZ listed stocks
down at least 15–25% in a year. are modelled under IFRS (International Financial
* Applicable to select stocks in Asia/Australia/NZ Reporting Standards).

Recommendations – 12 months
Note: Quant recommendations may differ from
Fundamental Analyst recommendations

Recommendation proportions – For quarter ending 30 Jun 2021

AU/NZ Asia USA
Outperform 62.67% 68.26% 75.58% (for global coverage by Macquarie, 5.24% of stocks followed are investment banking clients )
Neutral 31.00% 21.81% 24.42% (for global coverage by Macquarie, 2.12% of stocks followed are investment banking clients )
Underperform 6.33% 9.94% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients )

BSL AU vs ASX 100, & rec history

(all figures in AUD currency unless noted)

Note: Recommendation timeline – if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period.
Source: FactSet, Macquarie Research, September 2021

12-month target price methodology

BSL AU: A$23.15 based on a Sum of Parts methodology

Company-specific disclosures:
BSL AU: Macquarie Group Limited together with its affiliates beneficially owns 1% or more of the equity securities of BlueScope Steel Ltd. Macquarie
Group Limited together with its affiliates owns a net long of 0.5% or more of the equity securities of BlueScope Steel Ltd.
Important disclosure information regarding the subject companies covered in this report is available publicly at
www.macquarie.com/research/disclosures. Clients receiving this report can additionally access previous recommendations (from the year prior to
publication of this report) issued by this report’s author at https://www.macquarieinsights.com.
Date Stock Code (BBG code) Recommendation Target Price
22-Sep-2021 BSL AU Neutral A$23.10
17-Aug-2021 BSL AU Neutral A$28.10
27-Jul-2021 BSL AU Neutral A$26.20
10-Jun-2021 BSL AU Outperform A$25.40
27-Apr-2021 BSL AU Neutral A$23.90
12-Apr-2021 BSL AU Outperform A$23.05
23-Feb-2021 BSL AU Outperform A$21.65
29-Jan-2021 BSL AU Outperform A$21.60
13-Jan-2021 BSL AU Outperform A$21.20
19-Nov-2020 BSL AU Outperform A$20.25
10-Nov-2020 BSL AU Outperform A$19.10
23-Oct-2020 BSL AU Outperform A$19.05
07-Sep-2020 BSL AU Outperform A$16.20
17-Aug-2020 BSL AU Outperform A$13.50
17-Jul-2020 BSL AU Outperform A$12.55
29-Jun-2020 BSL AU Outperform A$12.20
07-Apr-2020 BSL AU Outperform A$11.10
19-Mar-2020 BSL AU Outperform A$10.90
25-Feb-2020 BSL AU Outperform A$14.75
13-Dec-2019 BSL AU Outperform A$16.50
21-Nov-2019 BSL AU Neutral A$14.00

1 October 2021 7
Macquarie Research BlueScope Steel (BSL AU)
20-Aug-2019 BSL AU Neutral A$10.80
18-Jul-2019 BSL AU Underperform A$11.15
18-Jun-2019 BSL AU Underperform A$9.20
27-May-2019 BSL AU Underperform A$10.15
26-Feb-2019 BSL AU Outperform A$14.60
04-Dec-2018 BSL AU Outperform A$15.65
24-Nov-2018 BSL AU Outperform A$16.55
Target price risk disclosures:
BSL AU: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include
geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global
economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates,
foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to
manage certain of these exposures.
Sensitivity analysis:
Clients receiving this report can request access to a model which allows for further in-depth analysis of the assumptions used, and recommendations
made, by the author relating to the subject companies covered. To request access please contact insights@macquarie.com.
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