At current levels the market is pricing in depressed FY20/21 earnings in perpetuity, Credit Suisse assesses, which is unrealistic.
Trading is challenged but the broker considers there is a clear opportunity for even partial restoration of what could be considered reasonable mid-cycle trading.
Outperform rating and $12.80 target maintained.
Sector: Materials.
Target price is $12.80.Current Price is $11.96. Difference: $0.84 – (brackets indicate current price is over target). If BSL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
