James Hardie’s 2020 Market Share Targets Look Ambitious but Shares Remain Undervalued
Narrow-moat James Hardie provided no real surprises in its full-year fiscal 2019 earnings. Encouragingly, primary demand growth, or PDG, returned in fiscal 2019, having eluded Hardie in fiscal 2018. We commend Truong’s focus on sales and marketing strategy during his first year as CEO, with North American share gains likely supported by these efforts. Nonetheless, we believe Hardie’s fiscal 2020 outlook of 3%-5% PDG in both North America and Asia-Pacific remains ambitious. We continue to view fu...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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