Cyclical Peak in Fiscal 2018 for No-Moat Brickworks
A resilient detached housing market saw no-moat Brickworks deliver adjusted EBIT of AUD 280 million in fiscal 2018, 6% ahead of our expectations and also ahead of market consensus. In spite of this, shares traded approximately 5% lower on the result, with management’s outlook for the building products segment clearly disappointing a market that was overly optimistic about the durability of the current housing cycle. While the business is tracking largely in line with our expectations, we place B...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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