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James Hardie Industries PLC ADR JHX

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Morningstar’s Analysis

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CEO on the Out Does Not Impact Our Intrinsic Assessment of James Hardie

Analyst Note

| Johannes Faul, CFA |

We maintain our AUD 34.20 (USD 25.00) per share fair value estimate for narrow-moat James Hardie following the unexpected termination of CEO Jack Truong. Disclosure suggests Truong’s behaviour as CEO materially breached James Hardie’s code of conduct and threatened the continuity of the leadership team which has overseen the successful transformation of James Hardie over the past three years. Given the largely flawless execution of the said strategic objectives since Truong took the top job in February 2019, his departure is concerning. However, the progress made since his appointment has laid a strong foundation for Hardie’s continued longer-term success. We leave our long-term earnings estimates unchanged.

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Company Profile

Business Description

James Hardie is the world leader in fibre cement products, accounting for roughly 90% of all fibre cement building materials sold in the U.S. It has nine manufacturing plants in eight U.S. states and five across Asia-Pacific. Fibre cement competes with vinyl, wood, and engineered wood products with superior durability and moisture-, fire-, and termite-resistant qualities. The firm is a highly focused single-product company based on primary demand growth, cost-efficient production, and continual innovation of its differentiated range. With saturation of the North American market in sight, the acquisition of Fermacell in early 2018, Europe's leading fibre gypsum manufacturer, will provide Hardie with a subsequent avenue of growth.

Harcourt Street, Europa House, 2nd Floor
Dublin, D02 WR20, Ireland
T +353 14116924
Sector Basic Materials
Industry Building Materials
Most Recent Earnings Sep 30, 2021
Fiscal Year End Mar 31, 2022
Stock Type
Employees 4,861