Adelaide Brighton 2017 Result Misses Although Infrastructure To Support Growth; Shares Overvalued
We maintain our AUD 4.80 fair value estimate, following the release of Adelaide Brighton’s fiscal 2017 result. NPAT of AUD 178.4 million (up 3.1%, excluding AUD 7.9 million of property profits) missed our estimates and guidance by around 5%, although after adjusting for AUD 9 million of lost earnings due to electricity supply disruptions in South Australia (arguably nonrecurring), it appears the miss was closer to 2%. We make minor changes to our estimates, lifting 2017 EPS by 2% and 2018 EPS by...Adelaide Brighton is an integrated construction materials and industrial lime producer which supplies a range of products into building, construction, infrastructure and mineral processing markets throughout Australia. Co.'s principal activities include the production, importation, distribution and marketing of clinker, cement, industrial lime, premixed concrete, construction aggregates and concrete products. In addition to domestic production, Co. is the importer of cement, clinker and slag into Australia.
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