Cyclical Peak in Fiscal 2018 for No-Moat Brickworks
A resilient detached housing market saw no-moat Brickworks deliver adjusted EBIT of AUD 280 million in fiscal 2018, 6% ahead of our expectations and also ahead of market consensus. In spite of this, shares traded approximately 5% lower on the result, with management’s outlook for the building products segment clearly disappointing a market that was overly optimistic about the durability of the current housing cycle. While the business is tracking largely in line with our expectations, we place B...Brickworks manufactures a range of building products throughout Australia, engages in development and investment activities, and participates in investments as an equity holder. Co. has business three segments: building products, which manufactures vitrified clay, concrete and timber products used in the building industry with product lines that include bricks, blocks, pavers, roof tiles, floor tiles, and timber products used in the building industry; property, which considers further opportunities to better utilize land owned by Co.; and investment, which holds investments in the Australian share market, and includes investment in Washington H. Soul Pattinson and Co. Ltd.
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