These calculations are from HOI2Wiki, from the table of HOI2 : cost of ONE Improved Battleship 10, buildtime 730 : 7300 IC-days. Cost of one Medium range sub : 2, buildtime 160 : 320 IC-days. Long range sub is cost 3, build 160 : 480 IC-days. So you get more than 22 medium subs, or more than 15 Long range subs. And this is without the serialbuilding costreduction! I would ANYTIME match TWO of your battleships against 22 (more likely about 26, due to cost reduction
) mediumrange subs, and naval or tac bombers for the price of the other Battleship (that is basic tac 15/basic nav 13 xtime 180 : about 2000-2340 IC-days per plane, without Costreduction. So I will get 3 planes, and one more than ½ finished, to sink your Bismark and Tirpitz with, and my subs to pin you, and try and sink you at night.
And this is without counting your Excortships into the mix..I might be building THEM -I have to Invade somehow, you know!
Even if prices have changed somewhat, it still is valid : A BB-fleet is simply TOO expensive, as in real life...