0112 GMT - SGH has less to gain in so-called synergies than its partner Steel Dynamics from a proposed acquisition of BlueScope Steel. So "valuation is understandably critical to SGH," RBC Capital Markets says after the Australian conglomerate announced an up-to A$500 million share buyback. "SGH has today demonstrated 'discipline' (a word mentioned 106 times in its recent investor day presentation)," RBC says. "And perhaps implicit in the buy-back announcement is that in SGH's view, SGH stock shows greater value than BSL." Importantly, SGH says the buyback won't stop it from making investments or pursuing deals, the broker notes. Still, RBC reckons Steel Dynamics will need to contribute further to get a deal on BlueScope. The broker rates SGH at outperform with a A$47.00 target. Shares are up 3.7% at A$44.85. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

June 21, 2026 21:12 ET (01:12 GMT)

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