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Bisalloy Steel Group Limited
Basic Materials · Steel
Updated just now
$4.70
MARKET CAP
$225.79M
P/E RATIO
11.7
DIV. YIELD
5.2%
FRANKING
100%
BIS looks strong on value, has red flags on dividends — see the full breakdown
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Bisalloy Steel Group Limited engages in the manufacture and sale of quenched and tempered, high-tensile, and abrasion resistant steel plates in Australia, Indonesia, Thailand, and internationally.
View full descriptionThe Warsi Rating combines two proven approaches: value investing principles and dividend strategy. A stock must score 70+ on both to be rated Solid or higher.
$15.82
Discounted cash flow estimate
$3.47
For 6% dividend yield
Business quality and balance-sheet durability.
Short-term assets vs. short-term debts
Strong liquidity. 2.24 ratio means ample cash to cover short-term obligations.
Current Snapshot
Current Ratio
2.24x
Warning Floor
1.00x
Target
1.50x
Why It Matters
Liquidity supports operational stability. Companies with weak liquidity can face pressure even when long-term fundamentals are sound.
Formula
Current Assets / Current LiabilitiesMethod
Compare the current ratio to the warning floor and target level used in the framework.
Worked Example
This company's current ratio is 2.24x — it has $2.24 in short-term assets for every $1 of short-term liabilities. The target is 1.5x, with a warning floor at 1.0x.
How to Interpret
Ratios above the target suggest healthier short-term resilience; ratios below 1.0x can indicate immediate funding risk.
Strong liquidity means the company can keep paying dividends even during temporary revenue drops. There's ample cash cushion to weather storms.
Sources
Real cash left after running the business
Positive cash generation. Company produces real cash after capital expenditures - can fund dividends, buybacks, or growth.
Current Snapshot
Current FCF
$12M
Pass Rule
> $0
Status
Positive
Why It Matters
Free cash flow is the cash available after core operating and capital needs. It is central to dividend capacity.
Formula
Operating Cash Flow - Capital ExpendituresMethod
Review whether free cash flow is consistently positive and whether it is sufficient relative to dividends and debt needs.
Worked Example
This company generated $12M in free cash flow — cash left after operating costs and capital expenditure. Positive FCF means dividends are funded by real cash generation.
How to Interpret
Persistently negative free cash flow can force reliance on borrowing or equity issuance to maintain payouts.
Positive cash flow means dividends are funded by actual money, not accounting profits. As Buffett says, "Cash is fact, profit is opinion." Your income is backed by real cash generation.
Sources
Profit generated per $1 of shareholder investment
Price versus estimated intrinsic value and required return thresholds.
What percentage of the stock price comes back as earnings each year
How much earnings are consumed by capital expenditure
Is the business growing — and is debt being managed responsibly?
Revenue growing while debt is declining — dividends are likely funded by business performance, not borrowing. This is the strongest signal of dividend sustainability.
Current Snapshot
Revenue Change
+29.7%
Debt Change
-77.4%
Trend State
Improving
Why It Matters
Revenue trend shows whether the business is expanding or contracting. Debt trend adds context on whether growth is being funded conservatively.
Formula
Revenue Change (%) = (Latest Revenue - Earliest Revenue) / |Earliest Revenue| x 100; Debt Change (%) = (Latest Debt - Earliest Debt) / |Earliest Debt| x 100Method
Map annual revenue history and, where relevant, annual debt history. For financial companies, debt is excluded because deposits and reserves distort this signal.
Worked Example
Revenue changed by +29.7% across the displayed period, while debt changed by -77.4%.
How to Interpret
Rising revenue with stable or falling debt is typically stronger than rising revenue funded by rapidly rising leverage.
Revenue growing while debt is declining — dividends are likely funded by business performance, not borrowing. This is the strongest signal of dividend sustainability.
Sources
Annual dividends as percentage of stock price
4.43% yield is well below the 6% target. Not suitable for Barsi's income strategy.
Current Snapshot
6Y Avg Yield
4.4%
6% Requirement
6.0%
Gross Yield
6.3%
Why It Matters
Yield translates dividend income into a percentage of the price paid, which is central to income-first screening.
Formula
Annual Dividends per Share / Stock Price x 100Method
Use the 6-year average annual dividend for consistency and compare the result with the 6% framework requirement.
Worked Example
With a 6-year average annual dividend of $0.21 and a share price of $4.70, the Barsi yield is 4.4%. The minimum requirement is 6%. Including franking credits, the gross yield is 6.3%.
How to Interpret
Higher sustainable yield improves upfront income, but unusually high yields may reflect elevated risk or weak coverage.
Low yield means you need significant capital to generate meaningful income. Barsi's strategy focuses on stocks that provide substantial cash flow from day one.
Sources
Track record of consistent dividend payments
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| ~15 Apr 2026Est | ~10 Apr 2026 | ~$0.05 | 0% | ~$0.05 | $0.00 |
| ~19 Aug 2026Est | ~20 Oct 2026 | ~$0.05 | 0% | ~$0.05 | $0.00 |
Highest price to lock in 6% yield
Industry category of the business
Basic Materials is not a BESST sector. Non-BESST stocks receive a lower base score but can still qualify with exceptional dividend metrics.
Current Snapshot
Industry
Steel
BESST Match
No
Score Impact
No bonus
Why It Matters
Sector classification helps contextualise risk and demand durability, which can materially affect dividend stability.
Formula
BESST Match = Sector in {Banks, Energy, Sanitation, Insurance, Telecom}Method
Match company sector or industry against BESST categories. A match adds scoring support but does not replace core dividend checks.
Worked Example
This company operates in Steel (Basic Materials sector). It does not match a BESST sector, so it receives the standard base score. Non-BESST stocks can still qualify with strong dividend metrics.
How to Interpret
Sources
How much of a company's earnings are paid out as dividends
A 62% payout is in the sustainable range (30–75%) — the company balances rewarding shareholders with reinvesting for growth. This gives the price ceiling calculation a stable base, which is a healthy sign for long-term dividend investors.
Current Snapshot
Latest Ratio
61.7%
Healthy Range
30%-75%
Zone
Healthy
Why It Matters
Payout ratio links dividends to earnings capacity and helps evaluate whether current distributions are likely to remain supportable.
Formula
Payout Ratio (%) = (Annual Dividend per Share / Earnings per Share) x 100Method
Calculate year-by-year payout ratios where EPS is positive, classify each year by sustainability zone, and compare with the current TTM ratio.
Worked Example
$0.54 dividend / $0.40 EPS equals 133.7% payout ratio.
How to Interpret
Ratios in the middle range are usually more sustainable than very high ratios. Values above 100% indicate dividends exceeded earnings in that period.
A 62% payout is in the sustainable range (30–75%) — the company balances rewarding shareholders with reinvesting for growth. This gives the price ceiling calculation a stable base, which is a healthy sign for long-term dividend investors.
Sources
Bisalloy Steel Group Limited engages in the manufacture and sale of quenched and tempered, high-tensile, and abrasion resistant steel plates in Australia, Indonesia, Thailand, and internationally. It offers high wear, structural, and armour grade specialty steels, as well as protection steel products. It serves mineral processing, mining and earthmoving, defence, agriculture, construction, engineering and fabrication, and protection industries. The company markets its products through distributors and directly to original equipment manufacturers and end users.
Bisalloy Steel Group Limited was founded in 1980 and is headquartered in Unanderra, Australia.
Who owns the company's shares and how much leadership has at stake
When leaders own 20%+, they win when you win and lose when you lose
Few fund managers own this — expect less research and analyst coverage
Shares freely traded on the ASX by individual investors like you
Leadership owns a solid 30.3% of the company, which is encouraging. However, professional fund managers aren’t heavily involved (8.9%), so there may be less analyst coverage and research available. This can mean the stock is overlooked — a potential opportunity if the fundamentals are strong.
Current Snapshot
Insider %
30.3%
Institutional %
8.9%
Float %
60.8%
Why It Matters
Ownership mix affects governance incentives, liquidity, and share-price behaviour under large portfolio rebalancing flows.
Formula
Public Float (%) = 100 - Insider Ownership (%) - Institutional Ownership (%)Method
Use reported ownership percentages, convert to percentage terms, and compute remaining public float as the residual.
Worked Example
If insiders own 30.3% and institutions own 8.9%, public float is 60.8%.
How to Interpret
Higher insider ownership can improve alignment of incentives, while dominant institutional concentration can amplify short-term price moves.
Leadership owns a solid 30.3% of the company, which is encouraging. However, professional fund managers aren’t heavily involved (8.9%), so there may be less analyst coverage and research available. This can mean the stock is overlooked — a potential opportunity if the fundamentals are strong.
Sources
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 12 Sept 2025 | Melrose (Rowan) Chief Executive Officer | Unknown | 60K | — |
| 31 July 2025 | Enbom (Matthew) Chief Operating Officer | Unknown | 103K | — |
Company insiders have been net buyers of shares over the past 12 months. This may indicate management confidence in future prospects.
Value analysis may be affected by missing data.
Market data sourced from third-party financial data providers. Analysis generated using Warsi Criteria — proprietary scoring algorithms for value investing and dividend income analysis. Not financial advice. Learn how we analyse stocks →
16.5% average ROE meets the threshold, but dropped to 6.2% in a weak year. Consistency matters in this framework.
Current Snapshot
10Y Avg
16.5%
Threshold
15.0%
Worst Year
6.2%
Why It Matters
ROE shows how effectively management turns shareholder capital into profit. High and stable ROE can signal pricing power, cost discipline, or both.
Formula
Net Income / Shareholders' Equity x 100Method
Use the 10-year average ROE and review the weakest year to check whether returns stayed resilient across cycles.
Worked Example
This company's 10-year average ROE is 16.5%, meaning each $1 of shareholder equity generates $0.16 in annual profit. The threshold is 15%, and the worst single year was 6.2%.
How to Interpret
Higher and steadier ROE generally supports stronger long-term compounding. Large drawdowns in weak years can point to fragility.
The average is solid, but the dip shows some vulnerability. At 16.5% ROE, every $1 retained generates $0.16 in annual profit — monitor whether the weak year was a one-off or a recurring pattern.
Sources
8.6% earnings yield exceeds the 7.5% threshold, meaning you're well compensated for owning shares instead of bonds.
Current Snapshot
Current Yield
8.6%
Required Yield
7.5%
Spread
+1.1pp
Why It Matters
Earnings yield reframes valuation as return on price paid. It helps compare equity earnings power against lower-risk alternatives.
Formula
(Earnings per Share / Stock Price) x 100Method
Calculate current earnings yield, then compare it to the required yield for the stock's industry setting.
Worked Example
With EPS of $0.40 and a share price of $4.70, earnings yield is 8.6%. The required yield for this industry is 7.5% (based on 4.5% government bond rate plus a risk premium).
How to Interpret
A yield above the required level suggests better valuation support; below it indicates thinner compensation for equity risk.
You're getting a fair return for the risk of owning shares instead of safe bonds. The earnings power justifies the price you're paying.
Sources
How current price compares with estimated intrinsic value
Exceptional discount: 58% BELOW the fair-value threshold (includes 30% margin of safety).
Current Snapshot
Current Margin
70.3%
Industry Threshold
30%
Status
58% Undervalued
Why It Matters
Margin of safety provides a valuation buffer against modelling uncertainty and adverse business outcomes.
Formula
(Estimated Intrinsic Value per Share - Current Price) / Estimated Intrinsic Value per Share x 100Method
Estimate intrinsic value using a two-stage DCF (10-year projection plus terminal value), then compare with current price.
Worked Example
For this stock now: intrinsic value is $15.82 per share, current price is $4.70, and margin of safety is 70.3%.
How to Interpret
Positive margin indicates price below modelled value; negative margin indicates price above modelled value. Compare against the industry's required buffer.
The market price sits far below your required entry threshold, providing a substantial valuation buffer if assumptions prove optimistic.
Sources
Exceptionally capital-light. Only 8% of earnings consumed by CapEx — this is the type of business Buffett loves.
Current Snapshot
10Y CapEx Intensity
8%
Threshold
75%
Buffer
+67%
Why It Matters
CapEx intensity estimates how much of earnings must be reinvested just to sustain operations.
Formula
Cumulative CapEx (10yr) / Cumulative Net Income (10yr) x 100Method
Aggregate 10-year CapEx and net income, then compare the ratio with the sector threshold in the framework.
Worked Example
Over 10 years, 8% of this company's cumulative earnings were consumed by capital expenditure. The materials & mining threshold is 75%, leaving a buffer of +67%.
How to Interpret
Lower ratios usually indicate better cash conversion. Higher ratios can reduce room for dividends and buybacks.
Very low capital requirements mean most profits are available for dividends, buybacks, or growth. This business generates wealth without needing to pour money back in — the hallmark of a durable competitive advantage.
Sources
Consistency of profits over time
Cyclical business - earnings naturally fluctuate with commodity prices. Focus on dividend consistency instead.
Current Snapshot
Positive Years
10/4
Allowed Losses
0 (limited)
EPS CAGR
31.6%
Why It Matters
Consistency in EPS helps distinguish resilient earnings power from one-off performance spikes.
Formula
Positive EPS Years / Available EPS YearsMethod
For 8+ years of data, apply industry-specific loss tolerance. For limited data, every available year must be positive.
Worked Example
This company reported positive earnings in 10 of the last 4 years. With only 4 years of data, every year must be positive. EPS growth rate (CAGR) is 31.6%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
Cyclical businesses have volatile earnings tied to commodity prices. For these companies, dividend track record is more telling than earnings consistency.
Sources
Percentage of revenue that becomes profit after all expenses
12.8% net margin is below the 15% threshold. May reflect this sector's structural characteristics.
Current Snapshot
Current Margin
12.8%
Threshold
15.0%
Relative Position
-2.2%
Why It Matters
Net income margin shows how much profit the business keeps from each dollar of revenue after all costs.
Formula
Net Income / Total Revenue x 100Method
Compare current margin with the industry-specific threshold to avoid cross-sector distortions.
Worked Example
This company's net income margin is 12.8% — it keeps 13 cents of every revenue dollar as profit after all expenses. The materials & mining threshold is 15%, putting it 2.2% below the requirement.
How to Interpret
Margins that are both strong and stable can indicate competitive strength; persistent weakness may limit reinvestment and payout capacity.
Lower margins in this sector are common, but they leave less cushion if costs rise or revenue drops. Monitor whether margins are stable over time — consistency matters more than the absolute level.
Sources
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 5 Dec 2025Special | 2 Jan 2026 | $0.16 | 0% | $0.16 | $0.00 |
| 22 Sept 2025Final | 20 Oct 2025 | $0.17 | 0% | $0.17 | $0.00 |
| 13 Mar 2025Interim | 10 Apr 2025 | $0.08 | 0% | $0.08 | $0.00 |
| 3 Jan 2025Special | 31 Jan 2025 | $0.13 | 0% | $0.13 | $0.00 |
| 23 Sept 2024Final | 21 Oct 2024 | $0.12 | 0% | $0.12 | $0.00 |
| 13 Mar 2024Interim | 10 Apr 2024 | $0.08 | 0% | $0.08 | $0.00 |
| 16 Nov 2023Special | 14 Dec 2023 | $0.10 | 0% | $0.10 | $0.00 |
| 19 Sept 2023Final | 17 Oct 2023 | $0.10 | 0% | $0.10 | $0.00 |
| 23 Mar 2023Interim | 20 Apr 2023 | $0.04 | 0% | $0.04 | $0.00 |
| 6 Oct 2022Final | 3 Nov 2022 | $0.09 | 0% | $0.09 | $0.00 |
Excellent track record. 10 years of consistent dividends through multiple market cycles.
Current Snapshot
History
10yr
Predictability
Variable
Payout Health
High risk
Why It Matters
Payment consistency is a direct test of dividend reliability. Large cuts or skips often appear before confidence recovers.
Formula
Consecutive Years = count of years with dividend payments and no disqualifying skip/cut eventsMethod
Require at least 6 years of history, then check for skipped years and large cuts, allowing approved systemic-event exceptions.
Worked Example
This company has 10 years of dividend history (2016–2025). No suspensions detected — 10 consecutive years of payments. Predictability: Variable. Payout health: High risk. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
A 10-year track record through multiple economic cycles gives confidence your income will continue. This company has proven it prioritises shareholder returns.
Sources
Current price ($4.70) is 35% above the ceiling. Wait for a drop to lock in 6% yield.
Current Snapshot
Current Price
$4.70
Max Buy Price
$3.47
Delta
-35.4%
Why It Matters
The price ceiling links valuation discipline to income targets by defining the price that aligns with a 6% yield target.
Formula
6-Year Average Annual Dividend / 0.06Method
Use the 6-year average dividend (not one year) and divide by 0.06 to estimate the maximum entry price for target yield.
Worked Example
With a current price of $4.70 and a ceiling of $3.47, the entry is 35.4% above the ceiling.
How to Interpret
Prices below the ceiling imply a historical yield above 6%; prices above it imply a lower historical yield at entry.
At this price, you won't achieve Barsi's target 6% yield. Consider waiting for a pullback — market volatility often creates more favourable valuations for patient investors.
Sources
BESST alignment is a positive context signal. Non-BESST stocks can still qualify with strong yield and dividend consistency.
Non-essential businesses face demand drops during recessions — discretionary spending is first to be cut. This increases cyclical risk for dividends, but companies with decades of consistent payments can still demonstrate durability.
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