Boral On Track With Fiscal 2018 Expectations, but Still Expensive
No-moat Boral’s first-quarter trading update puts the firm on track toward our expectations for the full fiscal year. The first quarter benefited from favourable weather in Australia, which has seen markedly lower rainfall this year versus last. Still, we maintain our full-year and longer-term outlooks, which project strong infrastructure construction markets in Australia and solid sales gains in the U.S. to offset weakness in Australian housing starts. We maintain our AUD 5.20 fair value estima...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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