Losses in Construction for No-Moat Fletcher Reduce FVE to NZD 7.50, Shares Now Look Attractive
Fletcher announced a further NZD 500 million in losses from its Building and Interiors, or B&I, business today, in addition to the NZD 160 million in losses announced in October. Total losses in B&I are now NZD 660 million for fiscal 2018. Guidance for the remainder of the business is maintained with EBIT of NZD 680 to 720 million. The midpoint implies NZD 40 million in EBIT for fiscal 2018 and we now project a net loss of NZD 105 million, or NZD 12 cents per share. This reduces our fair...
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