Initiating Coverage on Fletcher Building: Making the Most of the Rest of the Cycle
We are initiating coverage on no-moat rated Fletcher Building with a NZD 7.30 (AUD 6.70) fair value estimate and believe the stock is currently trading very close to fair value. Our uncertainty rating is high, given the earnings leverage to the highly cyclical housing construction industry and the potential for further losses on the New Zealand International Convention Centre construction contract, the impact of new government policy on housing, and immigration and potential organisational chang...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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