No-Moat Boral's Construction Business Booms, but Unexpected Costs Undermine Deal Synergies
Boral’s business sat in the sweet spot between Australian infrastructure, residential construction, and U.S. construction growth in first-half fiscal 2018. Volumes and revenue were strong. We like Boral’s exposure to infrastructure in Australia, growth opportunities for Sheetrock in Asia, and now an enlarged U.S. business poised to capture a U.S. housing recovery and infrastructure stimulus. Nevertheless, there were blemishes on this result. Rising costs hurt the USG-Boral joint venture’s earnin...
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