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HomeBuilder Delivers Bumper Fiscal 2022 For Housing Stocks but Share Prices Are Ahead of Themselves

Grant Slade, CFA Senior Equity Analyst

Analyst Note

| Grant Slade, CFA |

The Australian Government’s targeted and highly effective fiscal support of the residential construction sector leads us to materially upgrade our near-term outlook for housing commencements and alteration and addition activity. Certainly, housing-related stocks under our coverage are set to benefit from the recovery in fiscal 2022, boosting earnings and improving balance sheet metrics. But with fiscal support for the sector now winding down, the valuation benefit of our upgraded near-term housing commencement forecasts to our housing-related coverage is modest at best.

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Company Profile

Business Description

Formed by the merger of S.A. Portland Cement and Adelaide Cement in 1971, Adbri is an integrated cement, lime, concrete and aggregates, and concrete products business. Adbri currently sells about 3 million metric tons of cement and 1 million metric tons of lime per year, making it Australia's largest lime and second-largest cement supplier. Key geographic regions include Western Australia and South Australia with a focus on residential construction, infrastructure, and industrial markets including mining.

157 Grenfell Street, Level 1
Adelaide, SA, 5000, Australia
T +61 882238000
Sector Basic Materials
Industry Building Materials
Most Recent Earnings
Fiscal Year End Dec 31, 2020
Stock Type
Employees 1,500

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