Strong U.S. housing should support near-term earnings growth for Boral, but cyclical risks remain.
Boral’s business sat in the sweet spot between Australian infrastructure, residential construction, and U.S. construction growth in first-half fiscal 2018. Volumes and revenue were strong. We like Boral’s exposure to infrastructure in Australia, growth opportunities for Sheetrock in Asia, and now an enlarged U.S. business poised to capture a U.S. housing recovery and infrastructure stimulus. Nevertheless, there were blemishes on this result. Rising costs hurt the USG-Boral joint venture’s earnin...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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