Boral’s Returns Close in On Cost of Capital But Still Lacks an Economic Moat
Strong demand from Australian infrastructure and nonresidential construction drove a solid fiscal 2018 result for no-moat Boral. Revenue rose 39% to AUD 5.73 billion, while underlying EBIT rose 50% to AUD 688 million, largely attributable to the full-year inclusion of the Headwaters acquisition. These results were largely in line with our expectations for AUD 5.55 billion in revenue and operating income of AUD 658 million. A slight upgrade to our near-term infrastructure and nonresidential deman...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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