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Boral Ltd BLD

Morningstar Rating
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Stock XASX Rating as of
A$5.85 +0.12 (2.09%)
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As of Delayed Price Closed
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Company Report

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Seven Group: Moat Rating and Fair Value Estimate Upgraded as Industrial Services Dominate

Mark Taylor

We now ascribe a narrow moat to Seven Group and increase our fair value estimate by 5% to AUD 32. Implicit in a narrow moat is anticipation for earning economic profits for longer than previously credited. The upgrade from no-moat for the industrial services and energy conglomerate reflects progressive growth in the proportion of group earnings derived from moaty businesses. Group-adjusted returns on invested capital now reliably exceed the weighted average cost of capital, and we expect the margin to increase further.

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Price vs Fair Value

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BLD is trading at a 850% premium.
Price
A$5.85
Fair Value
A$9.30
Uncertainty
High
1-Star Price
A$8.55
5-Star Price
A$2.77
Economic Moat
Qwtpy
Capital Allocation
Pmbbkxn

Bulls Say, Bears Say

Bulls

A strong and large pipeline of infrastructure construction projects points to ongoing demand for Boral’s construction materials through the cycle.

Bears

Economic profits generated by Boral’s aggregate quarry operations can be diluted by its downstream operations, which have low barriers to entry and are subject to significantly more competition.

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Trading Information

Previous Close Price
A$5.73
Day Range
A$5.79–5.85
52-Week Range
A$3.87–6.34
Bid/Ask
A$5.74 / A$5.85
Market Cap
A$6.38 Bil
Volume/Avg
1.3 Mil / 2.8 Mil

Key Statistics

Price/Earnings (Normalized)
31.92
Price/Sales
1.79
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Boral is a vertically integrated construction materials company with operations across aggregates, cement, concrete, and asphalt. Several divestments mean Boral is now an Australia-focused construction materials and property development company. Approximately two thirds of revenue is exposed to infrastructure and nonresidential construction projects such as roads, highways, subdivisions, bridges, and commercial buildings. The balance rests on residential construction activity across detached housing, apartments, and renovations. Boral is just over 70%-owned by Australian industrial services and energy conglomerate Seven Group Holdings Limited.
Sector
Basic Materials
Industry
Building Materials
Stock Style Box
Mid Growth
Total Number of Employees
4,749
Website
https://www.boral.com

Competitors

Valuation

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Metric
BLD
HOLN
HEI
Price/Earnings (Normalized)
 31.9213.4510.13
Price/Book Value
 3.021.701.06
Price/Sales
 1.791.650.88
Price/Cash Flow
 10.728.445.42
Price/Earnings
BLD
HOLN
HEI

Financial Strength

Metric
BLD
HOLN
HEI
Quick Ratio
 2.031.080.78
Current Ratio
 2.491.441.19
Interest Coverage
 5.978.0513.68
Quick Ratio
BLD
HOLN
HEI

Profitability

Metric
BLD
HOLN
HEI
Return on Assets (Normalized)
 5.74%5.64%5.65%
Return on Equity (Normalized)
 10.99%11.43%11.51%
Return on Invested Capital (Normalized)
 8.04%8.99%7.98%
Return on Assets
BLD
HOLN
HEI
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