Morningstar | Robust infrastructure demand should insulate Boral from near-term Australian residential construction weakness.
Boral is among a handful of dominant building materials players in Australia, and should capitalise on its increased exposure to the U.S. following its USD 2.6 billion acquisition of North American player Headwaters in May 2017. It has an integrated business, from quarrying to producing more value-add cement, concrete, bricks, roof tiles, windows, timber, and plasterboard products. While we expect Boral to maintain its strong market positions, it operates in difficult industries characterised by cyclical demand and high levels of investment in capacity and facility maintenance, with an outcome of relatively low returns on invested capital.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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