Sims Ltd

SGM: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Sims: Scrapping Its Export Strategy in Favor of US Sales; Initiating on Undervalued Scrap Recycler

Esther Holloway

Mar 13, 2025

We initiate coverage on no-moat Sims Metal Group with a fair value estimate of AUD 15.80 per share. We assign Sims no-moat, High Uncertainty, and Standard Capital Allocation ratings. Shares are modestly undervalued, and we think the market has not fully factored in the impact of US steel tariffs, which we expect to be a tailwind for Sims.

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Sims Ltd

Sims: Scrapping Its Export Strategy in Favor of US Sales; Initiating on Undervalued Scrap Recycler

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