Fletcher Building’s Bankers Open Door On Dividend
New Zealand based construction and building products group, Fletcher Building has joined Tabcorp in making its final dividend dependant on the attitude of its bankers.
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News
Fletcher Building Cancels Dividend, Buyback, Guidance
NZ-based Fletcher Building has cancelled its dividend, suspended its buyback and withdrawn its 2019-20 earnings guidance.
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Fletcher Building Confirms Buyback Details
Fletcher Building will kick off its $NZ300 million on-market share buyback next Monday, September 9Fletcher Building will kick off its $NZ300 million on-market share buyback next Monday, September 9.
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Fletcher Building Back In The Black
Fletcher Building (FBU) says it’s back in profit and paying dividends after the first of its five-year turnaround strategy.
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Fletcher Building Softens Weak Outlook With Buyback
Fletcher Building will use some of the money raised from the sale of its Formica business to run a $NZ300 million buyback once the 2018-19 annual results are released in August.
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Analyst Views
FBU – Macquarie rates the stock as Neutral
Macquarie adjusts forecasts for earnings per share down -36% to account for the trading update for May, which implies FY20 earnings guidance of NZ$309m.
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FBU – Credit Suisse rates the stock as Neutral
The company has indicated the outlook is difficult and plans to cut 1500 jobs. The prospect of breaking even on earnings (EBIT) in the fourth quarter, which usually represents 40-45% of annual EBIT, highlights the downside associated with any return to more restrictive lockdown measures, Credit Suisse asserts.
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FBU – Morgan Stanley rates the stock as Equal-weight
Trading has been in line with expectations until the lockdowns, which have caused considerable disruption, particularly in the NZ business.
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FBU – UBS rates the stock as Neutral
The company has withdrawn guidance for FY20 and cancelled the interim dividend to preserve liquidity.
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FBU – Citi rates the stock as Neutral
Fletcher Building's AGM confirmed the company is on track to meet consensus expectations, although trading to date has been a mixture of stronger and weaker results for different businesses.
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