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 BBY Brief Thought
Sims Metal Management Limited – FY10 Results
 
Event: Sims Metal Management Limited (SGM) FY10 EBITDA of A$352M (A$259M pcp) came in higher than our expectations of $343M (consensus A$333M) largely as a result of tighter cost control. While SGM continues to improve profitability, with an apparent forced stock build of ~400kt in 4Q09 and our lead indicators and data suggesting a weak 1H11 period, we downgrade our Buy recommendation to a HOLD with a share price target of A$18.50/sh (prev A$24.00/sh) which is 7x our FY11 EV/EBITDA valuation.
 Recruitment
BBY has many specialist individuals contributing their technical skills, experience and knowledge to the success of the firm and we are always interested in high calibre individuals who are interested in joining the BBY Team.

At BBY you will be able to use your qualifications, experience and knowledge to contribute to BBY's services, products and business success while expanding your own development.

If you would like further information about career opportunities at BBY or if you would like to submit your resume, please email careers@bby.com.au


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