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No ,due to bisalloy's defense technology including german and french i believe the only possible buyer that would b approved by govt,france,germany lets include cjv would b bsl.But i'm not holding bis for that reason.
After throwing my dummy in the dirt after what appeared to b an 'under whelming' report i have been thinking about what was in the report 'ie
-higher margin armor plate exports up approx 50%.
-in fy18 and fy19 cjv div was re invested in cjv.ie bis stated bis did not receive divs from cjv in nov 18 or 19 .The cjv ebitda so far is becoming material for bisalloys ebitda and should b material for fy20 bis ebitda..
-Then we have the AUD advantage re thai baht,indonesian rupiah,euro and USD as per financials and my guess that will continue.
-Then we come to wear plate margin pressure.?which had a material effect on bis.But if u have nothing to do for a day,i suggest u read the current anti dumping application by bis ie 506.Bottom line there are 3 possible out comes,
-tariffs abolished.
-tariffs stay the same.
-tariffs increased.
As posted application result 6/11/19.
My 2 cents,my guess,is tariffs on ssab q&t will b increased.
So i picked my dummy up added the fy20 div from the cjv to bisalloy's fy20 ebitda and lets include the cjv capacity has now been increased,the armor plate export trend,the domestic armor plate hawkei,trial sub and possibly boxer combined with ,imo only possible increase in tariffs on ssab wear plate and i'm happy again.
Up coming agm will /should confirm the various out comes.
ps actual eps/financial report for fy19 wasn't bad,just 'underwhelming'.