Adelaide Brighton Has Tough 1H, but Outlook Positive
We’ve maintained our AUD 4.80 per share fair value estimate for narrow-moat Adelaide Brighton following interim results. The firm’s underlying NPAT of AUD 74.5 million for the first half of 2017 fell 4% on the previous corresponding period, or pcp. Earnings per share declined 11% to AUD 10.6 cents, but the interim dividend was kept flat at AUD 8.5 cents per share fully franked, implying a payout ratio of 80%.Earnings trail our full-year estimates, but we expect a sharp improvement in the second...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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