Upgrading Adelaide Brighton’s FV From AUD 4.40 to AUD 4.80 Based on Infrastructure Growth
We upgrade our estimates for Adelaide Brighton based on a more positive medium-term outlook for infrastructure spending, which we expect will outweigh a forecast decline in residential construction. Over the next four years, infrastructure spending will be concentrated in the eastern states, predominantly Queensland and New South Wales, which will account for 66% of the AUD 26.1 billion of Federal spending. Higher house prices have also boosted State government revenue, enabling them to increase...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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