No-Moat Brickworks Enters U.S. Brick Market With Acquisition; FVE Unchanged at AUD 15.30
No-moat Brickworks has entered the U.S. brick market, purchasing the fourth-largest U.S. brick manufacturer, Glen-Gery, for USD 110 million--representing a multiple of 8.4 times trailing 12-month EBITDA. The price paid appears sensible with Brickworks trading at 9 times EV/EBITDA. Glen-Gery earnings are expected to benefit from the continued upswing in the U.S. housing cycle, helping offset weakness in the Australian business. We now forecast a 5-year EBIT CAGR of negative 4.7%, up from negative...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.