BRICKWORKS LIMITED (BKW)
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BKW

BKW - BRICKWORKS LIMITED

FNArena Sector : Building Products & Services
Year End: July
GICS Industry Group : Materials
Debt/EBITDA: 9.71
Index: ASX200 | ASX300 | ALL-ORDS

Brickworks is an Australian manufacturer and supplier of building materials, including bricks, pavers, concrete blocks and terracotta products. The company was formed in 1934 and listed on the ASX in 1962. Still has a controversial cross-ownership with Washington H Soul Pattinson.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$34.40

30 Jun
2025

0.100

OPEN

$34.22

0.29%

HIGH

$34.68

181,574

LOW

$34.21

TARGET
$30.84 -10.3% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ACF . BRI . FBR . FBU . JHX . JLG . MGH . RWC . SFC . SRG . WGN .
FNARENA'S MARKET CONSENSUS FORECASTS
BKW: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 88.2 122.6 xxx
DPS (cps) xxx 67.0 64.6 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx 3.1% - 3.6% xxx
PE Ratio xxx N/A 28.1 xxx
Dividend Yield xxx N/A 1.9% xxx
Div Pay Ratio(%) xxx N/A 52.7% xxx

Dividend yield today if purchased 3 years ago: 3.63%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.95

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 04/11 - ex-div 43c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-88.2
DPS All xxxxxxxxxxxxxxx67.0
Sales/Revenue xxxxxxxxxxxxxxx1,083.1 M
Book Value Per Share xxxxxxxxxxxxxxx2,222.9
Net Operating Cash Flow xxxxxxxxxxxxxxx104.0 M
Net Profit Margin xxxxxxxxxxxxxxx-10.82 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-3.38 %
Return on Invested Capital xxxxxxxxxxxxxxx-2.47 %
Return on Assets xxxxxxxxxxxxxxx-1.96 %
Return on Equity xxxxxxxxxxxxxxx-3.38 %
Return on Total Capital xxxxxxxxxxxxxxx1.00 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-69.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx55 M
Long Term Debt xxxxxxxxxxxxxxx1,294 M
Total Debt xxxxxxxxxxxxxxx1,349 M
Goodwill - Gross xxxxxxxxxxxxxxx308 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx63 M
Price To Book Value xxxxxxxxxxxxxxx1.30

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx74.9 M
Capex % of Sales xxxxxxxxxxxxxxx6.91 %
Cost of Goods Sold xxxxxxxxxxxxxxx749 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx286 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4,259 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

4

xxxxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

03/06/2025

3

Neutral

$32.20

-6.40%

Brickworks and WH Soul Pattinson ((SOL)) announced intention to merge, which will unwind longstanding complex cross-holding structures between the two companies.

Macquarie explains a new entity, TopCo, to be renamed Washington H. Soul Pattinson ((SOL)), will issue stock to the respective shareholders, with WH Soul Pattinson, Brickworks and new investors receiving around 72%, 19%, and 9% of the stock, respectively.

Shareholders in Brickworks will receive 0.82 shares in TopCo, implying a value of $30.28 pre-deal (and $35.26 on spot), a premium to the past tax NAV, and is subject to a favourable ATO confirmation, Macquarie highlights.

The merger will create a $14bn group with a more diverse asset base, including WH Soul Pattinson's private and public investments, while Brickworks will increase the property exposure by around $2.2bn to 19% of the combined portfolio.

Neutral rated with target price raised to $32.20 from $26, marking to market WH Soul Pattinson, which will raise $550m initially.

FORECAST
Macquarie forecasts a full year FY25 dividend of 69.00 cents and EPS of 116.00 cents.
Macquarie forecasts a full year FY26 dividend of 71.00 cents and EPS of 124.00 cents.

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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xx/xx/xxxx

1

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$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

04/06/2025

3

Downgrade to Neutral from Overweight

$32.30

-6.10%

Jarden views the proposed merger between Brickworks and Washington H. Soul Pattinson as strategically sound.

The merger removes the cross-shareholding structure and unlocks a -24% conglomerate discount embedded in Brickworks’ share price, note the analysts.

Brickworks shareholders would receive 0.82 MergeCo shares per Brickworks share, implying to the broker a value of $30.28, representing a 10-22% premium to recent trading levels and volume weighted average price (VWAP).

The analysts expect the deal to improve liquidity, simplify the capital structure, and enable longer-term decision-making less tied to the housing cycle. Minimal synergies and estimated stamp duty costs of around -$250m are also noted.

Jarden forecasts completion by October 2025, pending approvals, and expects MergeCo to be net cash post-deal with Brickworks' industrial and investment interests housed in the private equity segment.

Jarden raises the target price to $32.30 from $25.00 and downgrades Brickworks to Neutral from Overweight.

FORECAST
Jarden forecasts a full year FY25 dividend of 69.00 cents and EPS of 97.70 cents.
Jarden forecasts a full year FY26 dividend of 71.00 cents and EPS of 137.10 cents.
Access Extra Coverage Research History >

BKW STOCK CHART

FNArena News on BKW

1
Weekly Ratings, Targets, Forecast Changes – 06-06-25

Jun 10 2025 - Weekly Reports
2
In Case You Missed It – BC Extra Upgrades & Downgrades – 06-06-25

Jun 06 2025 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Jun 04, 2025

Jun 04 2025 - Daily Market Reports
4
Rudi’s View: How Expensive Is Expensive?

Jun 04 2025 - Rudi's View
5
Rudi’s View: Share Market Scenarios & Dilemmas

Apr 09 2025 - Rudi's View

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