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imo bis is in a very select group developing various defence steel technologies both with australian govt and australia research centres and with global suppliers ie first ssab,now dcns and potentially/probably rheinmetall.
imo any buyer would have to b approved by most of above,the obvious one being bluescope with its australian and US operations.
My 2 cents on value, another 12 months and some serious contracts will b signed which should reflect in the bis SP.
By 2020,which is only 2 years away i 'll b interested to see how bis keeps up with demand considering they r already on 3 shifts.
My gut feel is ,if aud remains around current level,bis signs a reasonable gas supply contract end of 2018 and it should due to govt pressure on gas exporters,i would not want bis sold for any less than $1.50.I believe with the various govt contracts ,especially when they r confirmed sp should b above $2.
ps not forgetting at some point when market starts to factor in above contracts and is reflected in bis sp and bis having no debt,i fully expect a off market share buy back with lge % of back back price to b fully franked in oreder to return the $4m FC's sitting on bis books.ie ctx buy back was approx $29 reasonable market price at the time, franked amount $27,do the maths ,would result in a very nice bis tax return.