Brickworks Remains Fairly Valued Despite Better-Than-Expected Building Product Results
Brickworks started fiscal 2018 on a solid note, with building product revenue in the first half climbing on the back of continued strong east-coast Australian construction activity, while reduced unit costs and a more benign competitive environment led to higher profitability. Results were slightly better than we had anticipated, and we’ve lifted our near-term revenue and operating margin forecasts for this segment. Similarly, the completion of three property developments in the period led to a ...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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