Property Sales and Coal-Driven Earnings Spike Lift Brickworks’ FVE To 14.00; Shares Fairly Valued
We raise our fair value estimate to AUD 14.00 from AUD 13.70 following the release of no-moat Brickworks’ first-half 2017 result. The result was significantly ahead of our estimates, and we upgrade our fiscal 2017 and fiscal 2018 EPS estimates by 56% and 33%, respectively. While these are large upgrades, they are driven by volatile earnings drivers and irregular and large asset sales, and we estimate that underlying earnings increase by 10% and 9%. Brickworks booked a AUD 50.1 million property p...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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