FLETCHER BUILDING LIMITED (FBU)
Share Price Analysis and Chart

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FBU - FLETCHER BUILDING LIMITED

FNArena Sector : Building Products & Services
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 3.1
Index: ASX200 | ASX300 | ALL-ORDS

Fletcher Building is a New Zealand construction & engineering company. It also manufactures and markets a range of building products in Australia and New Zealand. It was de-merged from Fletcher Challenge and listed on the ASX & NZX in 2001.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.57

17 Apr
2024

0.020

OPEN

$3.55

0.56%

HIGH

$3.60

395,830

LOW

$3.54

TARGET
$4.585 28.4% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ABC . ACF . BKW . BLD . BRI . CSR . FBR . JHX . JLG . MGH . RWC . SFC . SRG . WGN .
FNARENA'S MARKET CONSENSUS FORECASTS
FBU: 1
Title FY24
Forecast
FY25
Forecast
EPS (cps) 29.4 xxx
DPS (cps) 3.7 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 12.2 xxx
Dividend Yield 1.0% xxx
Div Pay Ratio(%) 12.6% xxx
This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 4.68%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

8.71

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: 14/09 - ex-div 14.7c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx27.5
DPS All xxxxxxxxxxxxxxx36.6
Sales/Revenue xxxxxxxxxxxxxxx7,749.3 M
Book Value Per Share xxxxxxxxxxxxxxx432.7
Net Operating Cash Flow xxxxxxxxxxxxxxx355.0 M
Net Profit Margin xxxxxxxxxxxxxxx2.77 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx6.37 %
Return on Invested Capital xxxxxxxxxxxxxxx3.63 %
Return on Assets xxxxxxxxxxxxxxx2.69 %
Return on Equity xxxxxxxxxxxxxxx6.37 %
Return on Total Capital xxxxxxxxxxxxxxx11.04 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-336.7 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 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx258 M
Long Term Debt xxxxxxxxxxxxxxx2,871 M
Total Debt xxxxxxxxxxxxxxx3,128 M
Goodwill - Gross xxxxxxxxxxxxxxx757 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx336 M
Price To Book Value xxxxxxxxxxxxxxx1.15

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx407.2 M
Capex % of Sales xxxxxxxxxxxxxxx5.25 %
Cost of Goods Sold xxxxxxxxxxxxxxx5,342 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,726 M
Research & Development xxxxxxxxxxxxxxx5 M
Investments - Total xxxxxxxxxxxxxxx301 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

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Macquarie

15/02/2024

5

Downgrade to Underperform from Outperform

-

-

Fletcher Building's December-half earnings (EBIT) pre-significant items missed consensus' forecasts by -16% and Macquarie's by -12%.

Revenue outpaced consensus by 5% and Macquarie by 10% but rising product claim issues scarpered the results.

Management announced six measures to shore up the balance sheet ahead of product claims and legacy contract outcomes, one being the suspension of the December-half dividend.

Other measures included the exit from Tradelink, a lowering of base capital expenditure, cutting of growth capital expenditure for FY24 and FY25; and moves to strengthen liquidity.

The Iplex pipes recall recommendation is the main product claim in play (a decision is expected by the end of March) but the broker observes a new Fletcher Insulation Australia product claim was included in the notes (albeit with no provisions). No updates were provided on the silicosis injury provision, says the broker.

Fletcher's CEO has announced his retirement and the Chair will step down as part of a board renewal.

EPS forecasts fall -23% in FY24; -29% in FY25; and -33% in FY26.

Rating is downgraded to Underperform from Outperform. Target price slumps to NZ$3.46 from NZ$6.03.

FORECAST
Macquarie forecasts a full year FY24 dividend of 7.41 cents and EPS of 28.80 cents.
Macquarie forecasts a full year FY25 dividend of 15.74 cents and EPS of 29.64 cents.

Citi

xx/xx/xxxx

1

xxx

-

xx.xx%

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FBU STOCK CHART