Boral Remains Overvalued Following Completion of Headwaters Acquisition
We maintain our earnings forecasts and fair value estimate at AUD 5.00 per share for no-moat-rated Boral following completion of the AUD 3.5 billion acquisition of the U.S.-based building products manufacturer Headwaters. Boral USA and Headwaters will be combined to form a new division named Boral North America which we expect to generate EBIT of USD 375 million or 55% of group earnings in 2018. Headwaters makes strategic sense, given it establishes leading positions in fly ash, light building p...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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