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FBU - FLETCHER BUILDING LIMITED


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FBU

 

ÃÆâ€â„¢ÃƒÆ’ƒâ€Â ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒ¢Ã¢â‚¬Å¾Ã‚¢ÃƒÆ’ƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¬ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Nice strong uptrend over last 4 months

ÃÆâ€â„¢ÃƒÆ’ƒâ€Â ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒ¢Ã¢â‚¬Å¾Ã‚¢ÃƒÆ’ƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¬ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Not much down side on small reversals on way up

ÃÆâ€â„¢ÃƒÆ’ƒâ€Â ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒ¢Ã¢â‚¬Å¾Ã‚¢ÃƒÆ’ƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¬ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Volume a tad slower since april-may, but still steady and supporting strong gains

ÃÆâ€â„¢ÃƒÆ’ƒâ€Â ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒ¢Ã¢â‚¬Å¾Ã‚¢ÃƒÆ’ƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’‚¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¬ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Growth in last month outperforming last 4 months

 

 

Financial Stats:

 

Issuer Name FLETCHER BUILDING LIMITED

Construction Materials - 151020

Shares on Issue 436,837,501

 

Price (previous close in cents) 415

Market Cap ($) 1,812,875,629

Last Annual Report Data and Ratios

Earnings (cents per share) 39.74

Price To Earnings 10.44

Dividends (cents per share) 23.6761

Yield (%) 5.71

Asset Backing (cents per share) 128

Price to Assets 3.24

 

 

Summary:

 

FLETCHER BUILDING LIMITED [FBU]

 

Last Updated 20/05/2004

 

CORPORATE DETAILS

GICS Sector 15: Materials

GICS Industry Group 1510: Materials

GICS Industry 151020: Construction Materials

Head Office 510 Great South Rd, Penrose, Auckland

Telephone + (649) 525 9000

Facsimile + (649) 525 9032

Website www.fletcherbuilding.co.nz

 

First Listed 26/03/2001

Balance Date 30 June

AGM 11/11/2003

 

Dividend Reinvestment? Active (Weighted average share price)

 

PRINCIPAL ACTIVITY

Fletcher Building Limited (FBU) operates in building products, concrete, steel,

construction, property and housing and distribution. Fletcher Building's

activities span across New Zealand, the South Pacific, South America and

Australia.

 

BUILDING PRODUCTS: The business produces wood based panels, gypsum plasterboard,

aluminium windows, building papers and doors. Products also include Winstone

Wallboards, Plyco Doors, Fletcher Wood Panels and Fletcher Aluminium. Steel is

manufactured under Pacific Steel and Sims Pacific Metals (50%) with ferrous and

non-ferrous secondary metals recycling. The Laminex Group targets the marketing,

distribution and production of premium decorative surfaces in Australia and New

Zealand. In August 2003, FBU acquired Tasman Building products. Tasman has

building product operations in Australia, New Zealand and a small operation in

USA.

 

CONCRETE INDUSTRIES: Manufactures and distributes aggregates, cement, readymix

concrete, concrete masonry, paving products, prestressed and precast concrete

products, concrete pipes and plastic pipes. Operations in NZ, Peru, India and

Fiji consist of Winstone Aggregates, Golden Bay Cement, Firth and Hume

Industries (pipes).

 

CONSTRUCTION: Comprises Fletcher Construction, Fletcher Residential and Fletcher

Engineering. Projects completed include the PricewaterhouseCoopers Tower in

Auckland, Lambton Towers in Wellington, Waikato Stadium and the grandstand at

Jade Stadium in Christchurch.

 

DISTRIBUTION: Businesses have a national presence in NZ and are major channels

to market for Fletcher Building's manufactured products. Fletcher Building

operates distribution channels in NZ, comprising PlaceMakers, The Building Depot

and Hire A Hubby.

 

 

 

DIRECTORS

Mr Paul Edward Alex Baines

Dr Roderick Sheldon Deane

Mr Hugh Alasdair Fletcher

Mr Geoffrey James McGrath

Mr Ralph James Norris

Sir Dryden Spring

Mrs Kerrin Margaret Vautier

Mr Ralph Graham Waters

 

 

 

Announcements:

 

20 May 2004 10:00:44 Becoming a substantial holder

06 May 2004 11:23:09 Change of Directors Interest Notice

05 May 2004 10:18:00 Becoming a substantial holder from IFL

29 Apr 2004 11:35:40 Successful galvanised wire action against dumping

15 Apr 2004 08:30:46 Fletcher Building Limited April 2004 Capital Notes

14 Apr 2004 14:00:25 Change of Directors Interest Notice

14 Apr 2004 13:58:11 Change of Directors Interest Notice

14 Apr 2004 13:55:40 Change of Directors Interest Notice

07 Apr 2004 12:29:44 Appendix 3B - DRP

06 Apr 2004 14:29:51 Ceasing to be a substantial holder from CBA

06 Apr 2004 11:58:06 Purchase of April 2004 Capital Notes

01 Apr 2004 16:25:26 Change in substantial holding from CBA

29 Mar 2004 09:32:53 DRP Price Determined

19 Mar 2004 09:55:22 Presentation to ABN Amro NZ Day

17 Mar 2004 12:12:05 Change of Directors Interest Notice

27 Feb 2004 15:36:55 Interim Review

27 Feb 2004 08:48:10 Rollover of Capital Notes

25 Feb 2004 08:56:02 Interim Review

20 Feb 2004 08:34:02 Change of Directors Interest Notice

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  • 1 month later...
  • 1 year later...
Well it certainly did go but with little noticeable support from the troops here @ SS. However, it is now in decline (short term) because the long term weekly shows that it will have to break around $5.70 to break the long standing upward support line. The daily chart attached shows the price now in a downward channel with OBV having dropped markedly at the end of last month.

post-16-1134213233.gif

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Hi FBU watchers... I'm not a holder but a participant in the concrete industry. I'm surprised that you have no mention of Fletcher's acquisition of ex-Australian firm Amatec which includes Rocla Pipelines, once a major player in civil precast including concrete pipes. Years of overseas (Belgian) ownership, lax management and market erosion have reduced their significance but they are still a useful "add-on" and worthy of mention.
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  • 8 months later...
Noone gives this a second glance but with CSR getting sold off and still declaring plans of pressing on with its ethanol plans they will need money. Therefore, I can quite easily see on the back of Laminex, Amatek, and Tasman, they will buy out some or all of the building products businesses. Maybe even all of CSR. CSR said sub-$3 they are a takeover target. Reverse the spin and it sounds like a break up before takeover.
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  • 3 weeks later...

FBU being touted as a takeover target.

 

Given their recent history of takeovers from the private sector I would say FBU will be the active participant in any takeover bid rather than the passive.

 

CSR comes to mind. As does RIN and their Au operations.

 

Possible targets

 

 

More than a few respectable brokers have been caught out with downgrades on companies based on business fundamentals, only to be blown out of the water when private equity bids come knocking. Just think of how uninteresting Coles was before the bids appeared.

 

So it was probably about time that someone adjusted their sights and sifted through the factors that might put some otherwise forgettable companies in play for a buyout.

 

Citigroup has crunched the numbers and came up with a "most likely" list from our Top 100 listed stocks that includes Orica, Rinker, OneSteel, Fletcher Building and Tabcorp as the companies most likely to attract private equity interest.

 

Emerging growth companies on the radar include Wattyl, Just Group and Repco

 

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  • 3 months later...

I see the focus has gone on to CSR and the takeover bid that is rumoured.

 

Perpetual have added to their holding. They also happen to be the biggest holder in FBU.

 

Does anyone see a merger? With the biofuels unit being spun out?

 

Thats my take on it.

 

A merger is better than a takeover in this. It also keeps the PEP funds at arms length.

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  • 4 months later...

Doesn't a billion dollar deal warrant comment?

 

Any ideas what it means for CSR? If anything.

 

If FBU has spent itself on Formica what becomes the situation if Graeme Hart picks up CSR and wants to sell bits off. FBU will be desperate for the gib ops. Someone else the sugar and ethanol, not to mention aluminum and land.

 

Will FBU stay as it is or get broken out in to gib, cement and laminates?

 

Some big stuff going on here post-RIN, and its going to be in BLD and CSR.

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The NZX is pumping this higher.

 

The deal has been made with debt and equity. No cash. A very telling signal I think.

 

Equity was issued at $12.60 and is currently well over $13. Leverage ratios are up to 46%. Pretty high but not exorbitant given that in a couple of years they should be back down to more conservative levels with the expected cash flows.

 

What I like most is the increasingly huge cash pot has not been touched. This bodes well for a pitch at CSR still. Something I had written off yesterday until I took a closer look at the structure of the deal.

 

On the wires this AM from NYC is news about an expected bull run in aluminum with plays coming from Alcoa and maybe BHP for Alcan.

 

I'm sure everyone is aware of the biofuel revolution happening in the US with corn.

 

Both of these bull products are warehoused in CSR. Neither are at there true values. For proof just look at RIN. A CSR spin off.

 

FBU could make a tilt at CSR with an all cash offer or cash and equity.

 

They could sell off aluminum, ethanol and sugar, those building product units the ACCC says they can't have and with that they would be able to pay for Formica and CSR and still come out at the end as a very conservatively geared integrated building products cash cow.

 

The only threat I see is the brokers who all believe that it doesn't really matter because its in NZ and that currently the housing market is in a downturn. Meaning if the brokers don't get it, how will their clients?

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