Boral Hits a Soft Patch 1H 2019 But Outlook Remains Positive; Shares Undervalued
Delays to Australian infrastructure projects and adverse U.S. weather impacted no-moat Boral in first-half fiscal 2019. While announced first-half EBITDA of AUD 485 million was expected, pricing in Boral’s Australian businesses and volumes in its U.S. fly ash businesses were soft and lead us to trim our full-year fiscal 2019 EBITDA forecast by 2.5% to AUD 1,087 million, including Boral USG join venture profits. Nonetheless, we continue to see medium-term top-line growth for Boral given a robust ...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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