While conservatively run, Adelaide Brighton is exposed to volatile Australian construction markets.
We continue to believe narrow moat-rated Adelaide Brighton is overvalued as the AUD 5.56 share price is 15% above our AUD 4.80 fair value estimate. Management expect first-half 2017 underlying NPAT to be lower than the prior period, while second-half 2017 NPAT is anticipated to be stronger. We expect the second half to benefit from price increases, operational improvements and higher sales of cement, concrete and aggregates to New South Wales infrastructure projects (AUD 72.7 billion of spend fi...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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