Ann: FY2021 Full Year Results ASX Release, page-37

Back in FY2007 & FY2008 before the GFC BSL reported EBITDA of over $1.4Billion for the two years. The dividends for those two years were 47c & 49c fully franked per share. The share price in that period peaked at around $12.

BSL has had a 6 to 1 consolidation and with other adjustment the number of shares on issue is now around 20% of what it was in 2008. You would therefore think that dividends and share price should have the potential to get to 5 times the 2008 levels if similar EBITs were attained again. That would mean a share price of around $60 ( $12 x 5) and franked dividends of around $2.50 (50c x 5)

To the current times and we find the BSL has recorded a number of years of EBITDA over a Billion dollars with FY21 at $1.6B and FY22 at this stage likely to be much higher. The share price is now only $21 and we have just seen the best dividend for a long time at around 50c for FY21 however this was unfranked.

The period before the GFC was a crazy period and maybe the share price should not have reach the $12 level however with the current EBITS we should be able to give much larger dividends than we currently have seen. As I've stated previously the big issue is BlueScope has no franking credits and probably will not pay company tax for at least another 12 months. So in the meantime BSL is expanding their footprint & doing buybacks as they believe it will be in shareholders best interest in the long term. I believe BSL will show it's full potential when we are close to using up the $700m tax loss that is still outstanding. At that time I believe the big investors will become interested in this company. IMO