Narrow-Moat Adelaide Brighton Downgrades 2018 Guidance on Soft Volumes; FVE Unchanged
Narrow-moat Adelaide Brighton’s 7% downgrade to full-year 2018 net income guidance has no impact on our fair value estimate, which remains intact at AUD 5.00 per share. A slow second half for construction activity in Western Australia, combined with adverse weather in east coast markets, has led to softer volumes than Adelaide Brighton had anticipated. Adelaide Brighton now expects 2018 net income in the range of AUD 188 million to AUD 195 million. As the company has a December year-end, we expe...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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