Adbri Cements Solid Result
Adelaide based cement maker, Adbri doubled its full-year profit to $93.7 million but slashed dividends as it plans a heavy spending year ahead.
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Adbri Limited
We are one of Australia’s pioneering construction materials and industrial mineral manufacturing companies, with many Australians knowing us formerly as Adelaide Brighton.
We are agile and always ready to partner with our customers and communities to make sure we create a better way of life.
We’re known for delivering high performance products on time, every time. We provide cement, lime, concrete, aggregates, concrete products and industrial minerals that last the test of time.
Our people have a can-do and nimble approach that has helped us innovate and grow to become a highly valued, proud Australian ASX listed leader that supports local economies and communities.
With 17 respected brands within the Adbri portfolio, we have a product range, scale and footprint across Australia to be always ready for the next challenge.
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News
Good And Bad News For Value Investors
Despite the prevalence of bad news stories and a sea of red across stock screens, Perpetual's Anthony Aboud argues it’s not all bad news.
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Weak Construction Market Weighs On Adelaide Brighton
Cement and concrete group, Adelaide Brighton has confirmed its mid-year downgrade to revenue and earnings and sliced dividend for 2019, and warned of a 10% slide in earnings this financial year (which ends on December 31).
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ACCC Clears Barro Stake In Adelaide Brighton
The ACCC has cleared the completed creeping acquisition of a 43% stake in Adelaide Brighton (ABC) by Barro Group and its related entities.
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Adelaide Brighton Confirms Hit From Construction Slump
Like Caltex’s big earnings fall reported on Tuesday, the half-year earnings report yesterday from Adelaide and Brighton (AdBri) and its loss had been well telegraphed by earlier trading and earnings downgrades.
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Analyst Views
ABC – Morgans rates the stock as Hold
Adbri will invest $199m over FY21-23 to consolidate its WA cement production into a single state-of-the-art facility. Morgans lifts FY24 earnings (EBITDA) by $19m. Target price is $3.16.
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ABC – Morgan Stanley rates the stock as Overweight
Adbri's first-half revenues, impacted by bushfires and lower residential demand were -7% versus last year. Operating income was ahead of Morgan Stanley's estimate by 11%. A dividend of 4.75c was declared.
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ABC – Morgan Stanley rates the stock as Equal-weight
The company has withdrawn guidance for 2020, given the uncertainty regarding the pandemic impact. Net profit had been expected to be -10% below the prior year.
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ABC – UBS rates the stock as Sell
First-half results were in line with expectations, given recent guidance. The results were affected by lower volumes and margin pressure as a result of the contraction in residential activity.
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ABC – Macquarie rates the stock as Downgrade to Neutral from Outperform
Macquarie had already set its forecasts below Adelaide Brighton's prior guidance range on concerns over Queensland demand, but new guidance is lower still, given weak demand in SA and Victoria as well, leading the broker to cut forecasts a further -22%.
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