Brickworks: Fair Value Estimate Unchanged on Retirement of Long-Standing Managing Director

Our AUD 31 per share fair value estimate for no-moat Brickworks is unchanged on the retirement announcement of long-standing managing director Lindsay Partridge. Partridge has led Brickworks since 1999 and will step down in July 2024. The current COO, Mark Ellenor, will succeed Patridge in the CEO role. Ellenor has been with Brickworks for 25 years, serving as president of North American operations and general manager of the building products business before he was appointed COO in late 2023.