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Brickworks Ltd BKW

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Stock XASX Rating as of
A$26.78 −0.15 (0.56%)
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Company Report

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

Esther Holloway

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.

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Price vs Fair Value

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BKW is trading at a 13% discount.
Price
A$26.93
Fair Value
A$98.00
Uncertainty
Medium
1-Star Price
A$43.99
5-Star Price
A$77.40
Economic Moat
Npd
Capital Allocation
Bbgmqpcq

Bulls Say, Bears Say

Bulls

State and federal government policy to increase supply of Australian housing over the coming years supports near-term demand for brick volumes.

Bears

Brick use is expected to decline due to a greater range of alternative building materials, smaller house sizes, and a change in design preferences and building types.

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Trading Information

Previous Close Price
A$26.93
Day Range
A$26.72–26.99
52-Week Range
A$22.72–31.37
Bid/Ask
A$26.78 / A$26.79
Market Cap
A$4.09 Bil
Volume/Avg
29,276 / 187,849

Key Statistics

Price/Earnings (Normalized)
35.84
Price/Sales
3.40
Dividend Yield (Trailing)
2.45%
Dividend Yield (Forward)
2.45%
Total Yield
2.45%

Company Profile

Brickworks is a conglomerate consisting of brickmaking operations, industrial property management, and a cross-shareholding in investment firm, Washington H. Soul Pattinson, or Soul Patts (ASX: SOL). Brickworks’ operating business manufactures brick products for the Australian and North American markets. However, most earnings are from the property and investment segments. The property segment principally redevelops warehouses on industrial land, with joint venture partner narrow-moat Goodman Group. The investment segment represents a cross-shareholding in Soul Patts, an investment firm with a portfolio encompassing diversified investments, including large holdings in no-moat coal miner New Hope and narrow-moat TPG Telecom.
Sector
Basic Materials
Industry
Building Materials
Stock Style Box
Mid Growth
Total Number of Employees
2,100
Website
https://www.brickworks.com.au

Competitors

Valuation

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Metric
BKW
BLD
HOLN
Price/Earnings (Normalized)
 35.8431.1613.54
Price/Book Value
 1.182.951.71
Price/Sales
 3.401.741.66
Price/Cash Flow
 37.0310.478.49
Price/Earnings
BKW
BLD
HOLN

Financial Strength

Metric
BKW
BLD
HOLN
Quick Ratio
 0.892.031.08
Current Ratio
 2.312.491.44
Interest Coverage
 −0.395.978.05
Quick Ratio
BKW
BLD
HOLN

Profitability

Metric
BKW
BLD
HOLN
Return on Assets (Normalized)
 1.01%5.74%5.64%
Return on Equity (Normalized)
 1.74%10.99%11.43%
Return on Invested Capital (Normalized)
 2.30%8.04%8.99%
Return on Assets
BKW
BLD
HOLN
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