CSR: Overvalued, but Strong Execution and Balance Sheet Strength Provide Support
We remove no-moat CSR from under review and upgrade our fair value estimate to AUD 4.10. We've updated our expectations for housing construction and tweaked our forecasts for aluminium for the higher power price contract. Our WACC comes down slightly to 10.2% as we have treated asbestos liabilities as debt, lowering the weight of equity in the capital structure. CSR’s cost of capital is penalised by the conservative balance sheet, although we also view this as a source of business strength.CSR ...
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.
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.
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