Fletcher Building Constructing a Leaner Operation; Shares Fairly Valued
No-moat Fletcher Building's strategic update, provided on Thursday, sets up the company for reduced complexity, increased focus, and expanded profitability. The actions align with our recommendation in February 2018 when we thought the company should address its overwhelming complexity and focus on areas of strongest competitive advantage. The firm also reiterated its fiscal 2018 outlook for EBIT, in a range of NZD 680 million to NZD 720 million before the planned NZD 660 million charge in the b...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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