Adelaide Brighton To Benefit From Infrastructure-Led Growth, Although Shares Overvalued
Ahead of the release of Adelaide Brighton’s fiscal 2016 result (due Feb. 23), we make no changes to our EPS estimates and maintain our AUD 4.80 DCF-based fair value estimate. Despite attractive fundamentals, we consider Adelaide Brighton overvalued by around 10% with investors overestimating the degree of earnings leverage to infrastructure spend. We expect weaker residential activity (we forecast negative 2.8% CAGR in housing starts for fiscal 2017-21) to drag on earnings and act as a potential...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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