Ord Minnett monthly recommends BSL "accumulate", page-237

No one know what will happen in the future. We can only gather as much information we can and dissect it best we can.

4x free cashflow - what a joke
Net debt non existent
0.76x price to book FY 2020 - what a joke
Although margins are a big problem it is still returning circa 10% on assets

With an exceptional balance sheet (albeit operating margins are problematic - mainly thanks to iron ore prices soaring and HRC's plummeting). We dont see this type of value from a quality company often.

This is what happens when short term cycles impact the company negatively. But how long can this last as not all steel producers will be able to supply to market with current matrix or their debt load increases. We are sure to see some steel producers covenants breached. British Steel first to fall and others are sure to follow if this keeps up.