Vulcan Steel Ltd. (AU:VSL)
ASX:VSL
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Vulcan Steel Ltd.
(Sydney:VSL)
Select Model
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Rating:61Neutral
Price Target:
AU$5.50
▼(-19.59% Downside)
Action:ReiteratedDate:09/03/25
Vulcan Steel Ltd. receives a moderate score due to its operational efficiency and positive short-term technical indicators. However, the high P/E ratio raises valuation concerns, and financial performance is hindered by declining revenue, profit margins, and high leverage. Addressing these financial challenges is crucial for improving the company's overall outlook.
Positive Factors
Business model diversification
VSL's dual revenue streams — distribution plus value-added processing — provide diversified, recurring income and higher-margin services. This business mix supports resilient cash inflows and customer stickiness, sustaining revenue and margin contribution over the medium term (2–6 months).
Negative Factors
Declining revenue and margins
Revenue contraction and compressed gross/net margins reduce scale economies and pricing leverage. Persistent top-line decline makes it harder to restore profitability and absorb cost shocks, creating a structural headwind to sustainable margin recovery within the 2–6 month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Business model diversification
VSL's dual revenue streams — distribution plus value-added processing — provide diversified, recurring income and higher-margin services. This business mix supports resilient cash inflows and customer stickiness, sustaining revenue and margin contribution over the medium term (2–6 months).
Read all positive factors
Vulcan Steel Ltd. (VSL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$735.58M
Dividend Yield0.86%
Average Volume (3M)54.84K
Price to Earnings (P/E)33.4
Beta (1Y)1.12
Revenue Growth-12.17%
EPS Growth-61.32%
CountryAU
Employees1,307
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)0.05
Shares Outstanding146,529,950
10 Day Avg. Volume39,913
30 Day Avg. Volume54,845
Financial Highlights & Ratios
PEG Ratio-0.89
Price to Book (P/B)4.93
Price to Sales (P/S)0.88
P/FCF Ratio9.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$7.25Price Target Upside5.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.2
Revenue Forecast (FY)AU$1.10B
Vulcan Steel Ltd. Business Overview & Revenue Model
Company Description
Vulcan Steel Limited, together with its subsidiaries, engages in the sale and distribution of steel and metal products in New Zealand and Australia. The company operates in two segments, Steel and Metals. It sells hollows; merchant products, inclu...
How the Company Makes Money
VSL makes money primarily by selling steel and metal products to customers and charging for value-added processing services. Its core revenue stream is product distribution: it purchases steel and related metal products from upstream mills/manufac...
Vulcan Steel Ltd. Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
55
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.00B | 948.15M | 1.06B | 1.24B | 968.40M | 731.46M |
| Gross Profit | 281.72M | 324.60M | 374.95M | 443.89M | 387.08M | 152.89M |
| EBITDA | 109.54M | 124.87M | 163.02M | 207.40M | 232.75M | 129.49M |
| Net Income | 15.02M | 15.73M | 39.98M | 87.90M | 123.98M | 61.10M |
Balance Sheet | ||||||
| Total Assets | 1.08B | 858.66M | 906.43M | 1.00B | 791.89M | 580.78M |
| Cash, Cash Equivalents and Short-Term Investments | 28.58M | 17.37M | 24.11M | 20.32M | 23.93M | 10.17M |
| Total Debt | 916.53M | 545.04M | 590.21M | 649.73M | 411.44M | 323.80M |
| Total Liabilities | 787.93M | 689.01M | 734.38M | 818.29M | 607.44M | 494.92M |
| Stockholders Equity | 280.13M | 169.65M | 172.06M | 185.92M | 184.45M | 85.86M |
Cash Flow | ||||||
| Free Cash Flow | 42.32M | 83.63M | 142.02M | 123.82M | -62.73K | 99.79M |
| Operating Cash Flow | 64.34M | 104.95M | 168.71M | 146.77M | 12.09M | 105.45M |
| Investing Cash Flow | -85.52M | -17.22M | -23.98M | -193.24M | -11.54M | -822.00K |
| Financing Cash Flow | 36.41M | -94.19M | -141.18M | 43.16M | 12.38M | -108.70M |
Vulcan Steel Ltd. Technical Analysis
Negative
6.84
Price Trends
6.14
Negative
6.66
Negative
6.71
Negative
Market Momentum
-0.24
Positive
35.63
Neutral
5.36
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:VSL, the sentiment is Negative. The current price of 6.84 is above the 20-day moving average (MA) of 5.51, above the 50-day MA of 6.14, and above the 200-day MA of 6.71, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 35.63 is Neutral, neither overbought nor oversold. The STOCH value of 5.36 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:VSL.
Vulcan Steel Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$231.08M | 7.02 | 24.98% | 7.62% | -0.03% | 23.78% | |
65 Neutral | AU$12.91B | 6.75 | 2.76% | 2.48% | -4.46% | -89.42% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | AU$735.58M | 33.43 | 6.68% | 0.86% | -12.17% | -61.32% | |
53 Neutral | AU$3.94B | -28.99 | -2.29% | 1.27% | 3.98% | 70.79% |
* Basic Materials Sector Average
AU:VSL
Vulcan Steel Ltd.
5.05
-2.17
-30.07%
AU:BSL
Bluescope Steel
29.46
8.66
41.61%
AU:SGM
Sims
20.45
6.55
47.16%
AU:BIS
Bisalloy Steel Group Ltd
4.86
1.73
55.07%
Vulcan Steel Ltd. Corporate Events
NZ Super Fund Trims Vulcan Steel Stake Below Substantial Holder Threshold
Mar 26, 2026
New Zealand Superannuation Fund Nominees, acting for the New Zealand Superannuation Fund, has reduced its holding in Vulcan Steel below the substantial shareholder threshold. Its stake fell from 5.650% to 4.917% of Vulcan Steel’s 146,529,960...
Vulcan Steel Director Russell Chenu Increases Indirect Shareholding
Mar 26, 2026
Vulcan Steel has disclosed a change in the interests of non-executive director Russell Chenu, whose holdings in the company have increased via his superannuation vehicle. Barratta Super Pty Ltd, as trustee for the Barratta Super Fund in which Chen...
Vulcan Steel Director Increases Indirect Shareholding via On‑Market Purchase
Mar 12, 2026
Vulcan Steel director Gavin William Street has increased his indirect holding in the company through the Street Trading Trust, acquiring 8,100 fully paid ordinary shares via an on-market trade on 12 March 2026 for AU$50,544. Following the purchase...
Vulcan Steel Director Boosts Indirect Shareholding Through On‑Market Purchase
Mar 9, 2026
Vulcan Steel has disclosed a change in director Gavin Street’s indirect interests, following an on‑market purchase of 7,936 fully paid ordinary shares on 4 March 2026 for AU$49,996.80. The shares are held via the Street Trading Trust, ...
Vulcan Steel Updates Dividend Details and Tax Credits for Half‑Year Payout
Feb 27, 2026
Vulcan Steel Ltd. has updated its dividend notification for holders of its ordinary fully paid shares, revising the amount of the unfranked supplementary dividend tied to the six‑month period ended 31 December 2025. The update also clarifies...
Vulcan Steel Declares Fully Imputed Interim Dividend for Half-Year to December 2025
Feb 23, 2026
Vulcan Steel has declared a fully imputed interim dividend of NZD 0.02941176 per ordinary share for the six-month period ended 31 December 2025, with an ex-dividend date of 11 March 2026, a record date of 12 March 2026, and payment scheduled for 2...
Vulcan Steel lifts revenue, expands via Roofing Industries deal amid margin pressure
Feb 23, 2026
Vulcan Steel reported 1H FY26 revenue of NZ$535.4 million, up 8.6% year on year, but EBITDA edged down 1.1% to NZ$56.3 million and NPAT fell 9.3% to NZ$8.3 million, reflecting margin pressure and weaker cashflows. The company declared a NZ 2.5 cen...
Vulcan Steel Targets Growth With Rollforming Expansion Amid Cautious Optimism
Feb 23, 2026
Vulcan Steel has reiterated its commitment to creating sustainable long-term shareholder value, emphasising a team-first ethos and ongoing improvements to processes and customer service. The company highlighted its recent expansion into the rollfo...
Vulcan Steel Pushes Rollforming Expansion Amid Cautious Optimism
Feb 23, 2026
Vulcan Steel Ltd. has reaffirmed its focus on long-term sustainable shareholder value, highlighting a company culture built around a team-first ethos and continuous improvement in operational processes and customer service. Management signaled cau...
Vulcan Steel Finalises Acquisition Payment for Roofing Industries
Jan 29, 2026
Vulcan Steel Limited has completed the second and final payment under its August 2025 sale and purchase agreement for the acquisition of Roofing Industries Limited from Francis and Gellatly Holdings, owned by founders Keith Francis and David Gella...
Vulcan Steel Sets Date for Half-Year FY26 Results and Investor Briefing
Jan 28, 2026
Vulcan Steel Limited has scheduled the release of its half-year results for the period 1 July 2025 to 31 December 2025, with the announcement set for 9:00am NZDT on 24 February 2026 on both the ASX and NZX. The company will hold a results webcast ...
Vulcan Steel Sets Date for 1H FY26 Results and Investor Briefing
Jan 27, 2026
Vulcan Steel Limited has scheduled the release of its half-year results for the period 1 July 2025 to 31 December 2025, with the announcement to be made to the ASX and NZX on 24 February 2026 at 9:00am NZDT. The company will follow the release wit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.