Boral Ltd

BLD: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.90	Ckmk	Txkgqkly

Boral: A More Tempered While Still Positive View on the Construction Cycle

Mark Taylor

Nov 1, 2023

We reduce our fair value estimate for Boral by 3% to AUD 4.25 per share after transferring coverage to a new analyst. The modest downgrade for the vertically integrated construction materials company includes a slightly more tempered while still positive view on the construction cycle. We continue to rate Boral as no-moat, High fair value Uncertainty, and standard capital allocation.

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