Brickworks Ltd

BKW: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$23.00	Xkzb	Fvryxrhm

Brickworks and Soul Patts: Transfer of Coverage; Different Companies but Symbiotic Relationship

Esther Holloway

Dec 12, 2023

We transfer coverage of Brickworks and Washington H. Soul Pattinson, or Soul Patts. The two companies are connected by a cross-shareholding which means Brickworks owns 26% of Soul Patts and Soul Patts owns 43% of Brickworks. As such, long-term expectations for the two companies affect both our fair value estimates.

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