Energy Headwinds Persist, But Strong Demand Lifts FVE to AUD 5.50 for Narrow-Moat Adelaide Brighton
Following fiscal 2017 results, we increase our fair value estimate for narrow-moat Adelaide Brighton 15% to AUD 5.50, and lowered our uncertainty rating to medium. Solid east coast non-residential and transport infrastructure construction activity generated good demand and strong volume growth in cement, clinker, and concrete. Together with price increases and acquisitions this lifted Adelaide Brighton’s revenue by 12% on the pcp to AUD 1,560 million for fiscal 2017, and we’ve lifted our medium-...
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