Adelaide Brighton’s Outlook Becomes More Cautious With Infrastructure yet to Deliver; FVE Unchanged
Residential construction in Australia is cooling faster than narrow-moat Adelaide Brighton had anticipated in February when it guided to flat 2019 volumes. The company’s 2019 outlook has now become more cautious, with the significant pipeline of infrastructure projects yet to provide much needed offset to softening demand from housing construction. We share Adelaide Brighton’s cautious view on 2019, having previously revised our expectations lower for construction materials names Adelaide Bright...Boral manufactures and supplies building and construction materials in Australia, the U.S. and Asia. Co.'s segments are: Construction Materials & Cement, consisting of quarries, concrete, asphalt, transport, landfill, property, cement and concrete placing; Building Products, consisting of Australian bricks, roofing and masonry, and timber products; Boral Gypsum Joint Venture, which manufactures and sells plasterboard and associated products; and Boral USA, consisting of bricks, cultured stone, roof tiles, fly ash, concrete and quarries. The primary end use markets for Co.'s products include residential and non-residential construction and the engineering and infrastructure markets.
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