Aluminium Earnings to Turn Marginal for No-Moat CSR; 20% Cut to FVE on Analyst Transfer
We reduce our fair value estimate on no-moat-rated CSR by 20% to AUD 3.30 per share following a transfer of analyst. Revenue expectations are unchanged. We expect a five-year top-line compound annual growth rate of negative 2.1%. We expect building products volume will weaken over the coming five years with Australian residential construction activity declining from its 2018 cyclical peak. Lower aluminium prices and lost revenue from the sale of Viridian Glass also contribute to declining foreca...CSR is engaged in the manufacture and supply of building products in Australia and New Zealand. Co. operates in four segments, Building Products, Glass, Aluminium and Property. The Building Products segment consists of Lightweight Systems, Insulation, AFS walling systems, Bricks, and Roofing. The Glass segment includes the operations of Viridian, an architectural glass provider and manufacturer of float glass and hardcoated performance products. Products from the aluminium business include aluminium ingot, billet and slab.. The Property segment sells former operating sites.
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