Investor Day 2018: Australian Business Executing Well; Details on Europe Still Less Than Concrete
Following narrow-moat James Hardie Industries’ Asia-Pacific Investor Tour, we are encouraged by the firm's European plans and by the market share gains being attained in the Australian business. We retain our earnings forecasts but increase our fair value estimate by 3.5% to AUD 21.20, owing entirely to the recent depreciation of the Australian dollar. The company provided greater insight into its plans in Europe and an update on strategy in its Asia-Pacific businesses. A clear pathway towards b...James Hardie Industries is engaged in the manufacturing and selling of fiber cement products and systems for internal and external building construction applications in the United States, Australia, New Zealand, the Philippines and Europe. Co.'s fiber cement products are used in a number of markets, including new residential construction, manufactured housing, repair and remodeling and a variety of commercial and industrial applications. Co. manufactures numerous types of fiber cement products with a variety of patterned profiles and surface finishes for a range of applications, including external siding and soffit lining, internal linings, facades, and floor and tile underlayments.
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.
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