No-Moat CSR Divests its Value-Destructive Glass Products Business; FVE Unchanged
After extended speculation, CSR will sell its architectural glass business, Viridian Glass, to private equity for AUD 155 million. The deal was struck at an approximate 7 times our forecast fiscal 2019 EBITDA, which we view as reasonable given glass peer trading multiples. With deal completion expected in January 2019, it has negligible impact on our fiscal 2019 earnings estimates. Looking further out, however, we now expect a five-year top-line CAGR of negative 2.3%, down from positive 0.7% res...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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