Narrow-Moat James Hardie Still Compelling Despite Modest Trim to U.S. Housing Outlook; FVE Unchanged
We remain bullish on U.S. housing and expect the normalisation in residential construction activity to continue over the coming five years. However, softer than expected U.S. housing starts in 2018 have led us to modestly lower our forecasts for U.S. housing through the medium term. We now see the cyclical peak occurring in fiscal 2024 at 1.575 million total starts. While our revised cyclical peak is 25% above consensus expectations for total starts in 2018, we note is it approximately 2% below ...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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