Boral’s 2019 Estimates Maintained as Australian Infrastructure Projects Begin To Deliver
We maintain our fiscal 2019 estimates for no-moat Boral after it reaffirmed its flat guidance for its largest segment, Boral Australia. We continue to forecast group EBITDA of AUD 1,060 million in fiscal 2019. At its Australian investor day, Boral confirmed our view that the shift in demand within its Australian construction materials business toward demand from infrastructure and away from residential construction is underway. While a delay in this transition was experienced in the first half, ...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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