Fletcher Building’s First-Half 2017 Results in Line With Guidance Maintained; Shares Overvalued
We maintain our fair value estimate of NZD 8.00, following the interim 2017 result. Underlying NPAT of NZD 187 million (up 18%) was in line with our estimates, hence we make minor changes to our forecasts (up 1% in 2017 and 2018). We forecast NZD 727 million EBIT for fiscal 2017, at the bottom end of guidance of NZD 720 million-760 million, and forecast 1.8% CAGR in EPS over the next five years. In the short term, strong New Zealand residential construction should drive earnings, particularly in...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.