Don’t Dwell on Detached Dwellings; CSR Remains Overvalued
We maintain our AUD 4.10 per share fair value estimate for no-moat CSR following fiscal 2018 results. The top line of AUD 2.6 billion was in line with our forecasts, as weaker glass sales offset higher aluminium revenue. However, fiscal 2018 operating income of AUD 324 million, excluding restructuring charges, fell slightly short of our forecast of AUD 332 million. Nonetheless, the core Australian housing business, which contributed the majority of operating income in the fiscal year, has remain...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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