Strong U.S. Housing Market Should Benefit Boral Going Forward, but Shares Overvalued
We’ve maintained our AUD 5.20 fair value estimate for no-moat Boral following fiscal 2017 results that keep the firm on track to meet our long-term expectations. Strong road construction markets in Australia and solid sales gains in the U.S. helped to offset weakness in Australian housing starts--trends we expect to continue. The company posted adjusted net profit after tax, or NPAT, of AUD 33.7 cents per share, up 1% and above our forecast for AUD 29.7 cents per share, owing to a lower-than-exp...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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