A director at CSR Limited bought 10,000 shares at 5.850AUD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
CSR (AU), a company active in the Building Materials & Fixtures industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis d...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We expect the Australian equity market to deliver low-mid single digit returns next year. Our Dynamic Asset Allocation preference is a mild overweight to Growth assets, given the relative attractiveness of equities to both bonds and credit. In Fixed Income we prefer Global markets over Australia even though the RBA has probably more work to do. In the ASX, the Risk: Reward skew is tilted more positive for Resources than Banks, particularly in H1 as the global economy shows signs of recover...
Our model portfolio has added 200bp of Alpha since our last update and our stock selection remains broadly unchanged. We continue our strategy that we put in place early this year and again lift the bar on defensive positioning. The Banks are struggling on several fronts and we move underweight ANZ and CBA. We maintain our overweight in NAB and our underweight in WBC. The global economic cycle is long-in-the-tooth and recession seems inevitable, with prospects of a large global equity draw...
While lost market share in roofing product categories and softer-than-expected aluminium earnings saw no-moat CSR’s fiscal 2019 full-year earnings come in below our forecast, we’re unsurprised by the direction as earnings come off a cyclical high. Net income of AUD 178 million, inclusive of the discontinued Viridian Glass operations, was around 7% short of our forecasts. Australian residential construction activity continues to cool in 2019. The recent pace of decline in housing starts has b...
While lost market share in roofing product categories and softer-than-expected aluminium earnings saw no-moat CSR’s fiscal 2019 full-year earnings come in below our forecast, we’re unsurprised by the direction as earnings come off a cyclical high. Net income of AUD 178 million, inclusive of the discontinued Viridian Glass operations, was around 7% short of our forecasts. Australian residential construction activity continues to cool in 2019. The recent pace of decline in housing starts has b...
While lost market share in roofing product categories and softer-than-expected aluminium earnings saw no-moat CSR’s fiscal 2019 full-year earnings come in below our forecast, we’re unsurprised by the direction as earnings come off a cyclical high. Net income of AUD 178 million, inclusive of the discontinued Viridian Glass operations, was around 7% short of our forecasts. Australian residential construction activity continues to cool in 2019. The recent pace of decline in housing starts has b...
While we’re unsurprised by no-moat CSR’s decision to return capital to shareholders, the announced share buyback of AUD 100 million does appear light relative to recent divestments. In fact, we’d expected a buyback twice the size given sale proceeds of AUD 325 million (pretax) will be received by CSR over the coming 12 to 18 months. Proceeds include cash from the Viridian Glass divestment, two previously announced property transactions, and from the sale process of the Ingleburn industrial...
While we’re unsurprised by no-moat CSR’s decision to return capital to shareholders, the announced share buyback of AUD 100 million does appear light relative to recent divestments. In fact, we’d expected a buyback twice the size given sale proceeds of AUD 325 million (pretax) will be received by CSR over the coming 12 to 18 months. Proceeds include cash from the Viridian Glass divestment, two previously announced property transactions, and from the sale process of the Ingleburn industrial...
While we’re unsurprised by no-moat CSR’s decision to return capital to shareholders, the announced share buyback of AUD 100 million does appear light relative to recent divestments. In fact, we’d expected a buyback twice the size given sale proceeds of AUD 325 million (pretax) will be received by CSR over the coming 12 to 18 months. Proceeds include cash from the Viridian Glass divestment, two previously announced property transactions, and from the sale process of the Ingleburn industrial...
We reduce our fair value estimate on no-moat-rated CSR by 20% to AUD 3.30 per share following a transfer of analyst. Revenue expectations are unchanged. We expect a five-year top-line compound annual growth rate of negative 2.1%. We expect building products volume will weaken over the coming five years with Australian residential construction activity declining from its 2018 cyclical peak. Lower aluminium prices and lost revenue from the sale of Viridian Glass also contribute to declining foreca...
We reduce our fair value estimate on no-moat-rated CSR by 20% to AUD 3.30 per share following a transfer of analyst. Revenue expectations are unchanged. We expect a five-year top-line compound annual growth rate of negative 2.1%. We expect building products volume will weaken over the coming five years with Australian residential construction activity declining from its 2018 cyclical peak. Lower aluminium prices and lost revenue from the sale of Viridian Glass also contribute to declining foreca...
We reduce our fair value estimate on no-moat-rated CSR by 20% to AUD 3.30 per share following a transfer of analyst. Revenue expectations are unchanged. We expect a five-year top-line compound annual growth rate of negative 2.1%. We expect building products volume will weaken over the coming five years with Australian residential construction activity declining from its 2018 cyclical peak. Lower aluminium prices and lost revenue from the sale of Viridian Glass also contribute to declining foreca...
After extended speculation, CSR will sell its architectural glass business, Viridian Glass, to private equity for AUD 155 million. The deal was struck at an approximate 7 times our forecast fiscal 2019 EBITDA, which we view as reasonable given glass peer trading multiples. With deal completion expected in January 2019, it has negligible impact on our fiscal 2019 earnings estimates. Looking further out, however, we now expect a five-year top-line CAGR of negative 2.3%, down from positive 0.7% res...
After extended speculation, CSR will sell its architectural glass business, Viridian Glass, to private equity for AUD 155 million. The deal was struck at an approximate 7 times our forecast fiscal 2019 EBITDA, which we view as reasonable given glass peer trading multiples. With deal completion expected in January 2019, it has negligible impact on our fiscal 2019 earnings estimates. Looking further out, however, we now expect a five-year top-line CAGR of negative 2.3%, down from positive 0.7% res...
While slightly soft, no-moat CSR’s first-half fiscal 2019 result largely tracked our expectations. The group delivered underlying EBIT of AUD 143.8 million in the first half, leaving CSR well placed to meet our revised full-year fiscal 2019 EBIT forecast of AUD 279 million. Building products & glass earnings were stronger than we’d anticipated, but aluminium segment EBIT was softer due to rising raw materials costs. While we’ve reduced our full-year fiscal 2019 EBIT forecast by 7%, our lon...
While slightly soft, no-moat CSR’s first-half fiscal 2019 result largely tracked our expectations. The group delivered underlying EBIT of AUD 143.8 million in the first half, leaving CSR well placed to meet our revised full-year fiscal 2019 EBIT forecast of AUD 279 million. Building products & glass earnings were stronger than we’d anticipated, but aluminium segment EBIT was softer due to rising raw materials costs. While we’ve reduced our full-year fiscal 2019 EBIT forecast by 7%, our lon...
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