Ceasing Coverage of Fletcher Building
We plan to cease coverage on no-moat Fletcher Building in August 2017. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest.The firm’s shares look modestly overvalued versus our NZD 7.10 (AUD 6.50) fair value estimate. While Fletcher’s core building products and distribution divisions, which represent 40% and 27% of earnings, respectively, continue to trade in line with management’s expectations, we believe investors continue to underesti...
Fletcher Building is a holding company. Through its subsidiaries, Co. operates in six divisions: Heavy Building Products, which manufactures, distributes and markets heavy construction material; Light Building Products, which manufactures a range of building products for residential and commercial markets; Laminates and Panels, which manufactures and distributes decorative surface laminates; Distribution New Zealand and Distribution Australia, which consist of building, plumbing, pipeline and steel distribution businesses in Australia and New Zealand; and Construction, which is a general contractor in New Zealand and the South Pacific and a builder of residential homes in New Zealand.
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