Ankündigung • Sep 15
Washington H. Soul Pattinson and Company Limited (ASX:SOL) acquired remaining 57% stake in Brickworks Limited (ASX:BKW). Washington H. Soul Pattinson and Company Limited (ASX:SOL) agreed to acquire remaining 57% stake in Brickworks Limited (ASX:BKW) for AUD 2.6 billion on June 2, 2025. As per the transaction, Brickworks shareholders will receive a FY25 fully franked final dividend equivalent to 0.82 multiplied by the SOL FY25 final dividend (expected to be determined after the close of the full financial year)16 to be paid in the ordinary course or just prior to the scheme implementation. Soul Patts, Brickworks and new shareholders will own approximately 72%, 19% and 9% of the combined group respectively. The proposed merger will result in a new listed company Topco.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders and subject to court approval. The Board of Directors of Brickworks Limited formed a special committee for the transaction. The deal has been unanimously approved by the board. The expected completion of the transaction is second half of 2025. As of September 10, 2025 Washington H. Soul Pattinson and Company Limited and Brickworks Limited shareholder approved the deal. As of September 12, 2025 the transaction has been approved by the court Supreme Court of New South Wales.
Pitt Capital Partners Limited acted as financial advisor and Bruce Macdonald, Greg Golding, Andrew Kim, Con Tzerefos, and Patricia Paton of Ashurst Australia acted as legal advisor to Washington H. Soul Pattinson and Company Limited. Citigroup Global Markets Australia Pty Limited acted as financial advisor and David Friedlander, Judith Taylor, Robert Kelly and Daniel Natale of King & Wood Mallesons, Australia Branch acted as legal advisor to Brickworks Limited. Rory Moriarty, Rod Halstead, Kimberley Bruce, Samuel Pullin and Joshua Hewitt of Clayton Utz act as legal advisor in the transaction.
Washington H. Soul Pattinson and Company Limited (ASX:SOL) completed the acquisition of remaining 57% stake in Brickworks Limited (ASX:BKW) on September 15, 2025. The last trading day for their shares on the ASX is today, September 15, 2025. Topco Shares will start trading on a deferred settlement basis from September 16, 2025 and on a normal settlement basis from September 24, 2025. Court orders have been lodged with ASIC. Shareholders registered by 7:00 pm Sydney time on September 17, 2025 will receive their Topco Shares on September 22, 2025, with SOL Shareholders getting one Topco Share per Soul Patts share, and BKW Shareholders receiving 0.82 Topco Shares per Brickworks share. The implementation of the Share Schemes is expected on September23, 2025. The timetable is indicative and subject to change, with updates to be announced on the ASX. Ankündigung • Jun 05
Brickworks Limited Proposes Dividend for Fy 2025 Brickworks Limited announced that under the Proposed Merger with Washington H. Soul Pattinson and Company Limited, it is expected that Brickworks shareholders would receive a FY25 fully franked Final Dividend equivalent to AUD 0.82 multiplied by the SOL FY25 Final Dividend (expected to be determined after the close of the full financial year) 16 to be paid in the ordinary course or just prior to the Scheme Implementation. Ankündigung • Jun 02
Washington H. Soul Pattinson and Company Limited (ASX:SOL) agreed to acquire remaining 57% stake in Brickworks Limited (ASX:BKW) for AUD 2.6 billion. Washington H. Soul Pattinson and Company Limited (ASX:SOL) agreed to acquire remaining 57% stake in Brickworks Limited (ASX:BKW) for AUD 2.6 billion on June 2, 2025. As per the transaction, Brickworks shareholders will receive a FY25 fully franked final dividend equivalent to 0.82 multiplied by the SOL FY25 final dividend (expected to be determined after the close of the full financial year)16 to be paid in the ordinary course or just prior to the scheme implementation. Soul Patts, Brickworks and new shareholders will own approximately 72%, 19% and 9% of the combined group respectively.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders and subject to court approval. The Board of Directors of Brickworks Limited formed a special committee for the transaction. The deal has been unanimously approved by the board. The expected completion of the transaction is second half of 2025. Pitt Capital Partners Limited acted as financial advisor and Ashurst Australia acted as legal advisor to Washington H. Soul Pattinson and Company Limited. Citigroup Global Markets Australia Pty Limited acted as financial advisor and King & Wood Mallesons, Australia Branch acted as legal advisor to Brickworks Limited. Ankündigung • Mar 14
Brickworks Limited, Annual General Meeting, Nov 25, 2025 Brickworks Limited, Annual General Meeting, Nov 25, 2025. Ankündigung • Mar 08
Brickworks Limited to Report Fiscal Year 2025 Results on Sep 25, 2025 Brickworks Limited announced that they will report fiscal year 2025 results on Sep 25, 2025 Upcoming Dividend • Oct 28
Upcoming dividend of AU$0.43 per share Eligible shareholders must have bought the stock before 04 November 2024. Payment date: 27 November 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 2.5%. Lower than top quartile of Australian dividend payers (6.0%). Higher than average of industry peers (2.2%). Declared Dividend • Sep 28
Final dividend increased to AU$0.43 Dividend of AU$0.43 is 2.4% higher than last year. Ex-date: 4th November 2024 Payment date: 27th November 2024 Dividend yield will be 2.3%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (349% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Reported Earnings • Sep 26
Full year 2024 earnings released: AU$0.87 loss per share (vs AU$2.66 profit in FY 2023) Full year 2024 results: AU$0.87 loss per share (down from AU$2.66 profit in FY 2023). Revenue: AU$1.09b (down 7.8% from FY 2023). Net loss: AU$117.2m (down 129% from profit in FY 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Global Basic Materials industry. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 26
MD & Executive Director recently sold AU$2.7m worth of stock On the 24th of April, Lindsay Partridge sold around 100k shares on-market at roughly AU$27.13 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lindsay has been a net seller over the last 12 months, reducing personal holdings by AU$4.1m. Recent Insider Transactions • Apr 25
MD & Executive Director recently sold AU$2.7m worth of stock On the 24th of April, Lindsay Partridge sold around 100k shares on-market at roughly AU$27.10 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lindsay has been a net seller over the last 12 months, reducing personal holdings by AU$4.1m. Recent Insider Transactions • Apr 25
MD & Executive Director recently sold AU$2.7m worth of stock On the 24th of April, Lindsay Partridge sold around 100k shares on-market at roughly AU$27.10 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lindsay has been a net seller over the last 12 months, reducing personal holdings by AU$4.1m. Recent Insider Transactions • Apr 14
MD & Executive Director recently sold AU$2.0m worth of stock On the 10th of April, Lindsay Partridge sold around 72k shares on-market at roughly AU$27.61 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lindsay has been a net seller over the last 12 months, reducing personal holdings by AU$1.4m. Declared Dividend • Mar 23
Final dividend increased to AU$0.24 Dividend of AU$0.24 is 4.3% higher than last year. Ex-date: 9th April 2024 Payment date: 1st May 2024 Dividend yield will be 2.4%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 21% over the next 3 years. However, it would need to fall by 73% to increase the payout ratio to a potentially unsustainable range. Ankündigung • Mar 21
Brickworks Limited, Annual General Meeting, Nov 26, 2024 Brickworks Limited, Annual General Meeting, Nov 26, 2024. Buy Or Sell Opportunity • Mar 13
Now 21% undervalued Over the last 90 days, the stock has risen 13% to AU$30.36. The fair value is estimated to be AU$38.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are forecast to decline by 7.3% per annum over the same time period. Upcoming Dividend • Oct 24
Upcoming dividend of AU$0.42 per share at 2.5% yield Eligible shareholders must have bought the stock before 31 October 2023. Payment date: 22 November 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Australian dividend payers (7.4%). Lower than average of industry peers (2.9%). New Risk • Sep 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (34% net profit margin). Ankündigung • Sep 28
Brickworks Limited Declares Fully Franked Final Dividend, Payable on November 22, 2023 The Directors of Brickworks Limited declared a fully franked final dividend of 42 cents per share, an increase of 1 cent on the prior year. This marks the tenth year in a row that dividends have been increased (and 47 years since the last time they were reduced). The record date for the final dividend is 1 November 2023, with payment on 22 November 2023. Reported Earnings • Sep 28
Full year 2023 earnings released: EPS: AU$2.66 (vs AU$5.73 in FY 2022) Full year 2023 results: EPS: AU$2.66 (down from AU$5.73 in FY 2022). Revenue: AU$1.18b (up 8.1% from FY 2022). Net income: AU$405.3m (down 53% from FY 2022). Profit margin: 34% (down from 80% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Australia are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Ankündigung • Aug 26
Brickworks Limited to Report First Half, 2024 Results on Mar 21, 2024 Brickworks Limited announced that they will report first half, 2024 results on Mar 21, 2024 Ankündigung • Jul 11
Brickworks Limited Announces Appointment of Mark Ellenor as Chief Operating Officer, Effective from 1 August 2023 Brickworks Limited announced that from 1 August 2023, Mark Ellenor will be appointed as Chief Operating Officer for the Brickworks Group reporting to the Managing Director Lindsay Partridge. This appointment will take place as part of the Company's carefully planned executive management succession and to ensure that the executive team remains well positioned to deliver on its strategy. Mark has a long history with Brickworks having started with Austral Bricks under its Graduate Program in 1999 progressing to various General Manager roles in Australia including General Manager Austral Bricks and General Manager Bristile Roofing. In 2018 Mark was appointed President Brickworks Building Products North America based in the US and in 2022 was appointed Executive General Manager Building Products for Australia and US. Mark holds a Bachelor of Business and has completed the Stanford Executive Program. The appointment of Mark as COO follows a period of Board renewal over the past few years with the retirement and appointment of three new non-executive directors to ensure the company maintains the right balance of skills, experience, independence and tenure amongst its directors. Upcoming Dividend • Mar 30
Upcoming dividend of AU$0.23 per share at 2.8% yield Eligible shareholders must have bought the stock before 06 April 2023. Payment date: 02 May 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Australian dividend payers (7.2%). In line with average of industry peers (3.1%). Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Joel Fitzgibbon was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 17
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Robyn Stubbs was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Robyn Stubbs was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 25
Upcoming dividend of AU$0.41 per share Eligible shareholders must have bought the stock before 01 November 2022. Payment date: 23 November 2022. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Australian dividend payers (7.3%). Lower than average of industry peers (3.9%). Recent Insider Transactions • Oct 01
MD & Executive Director recently bought AU$719k worth of stock On the 30th of September, Lindsay Partridge bought around 34k shares on-market at roughly AU$21.37 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Lindsay has been a buyer over the last 12 months, purchasing a net total of AU$128k worth in shares. Recent Insider Transactions • May 07
Deputy Chairman recently bought AU$233k worth of stock On the 3rd of May, Michael Millner bought around 10k shares on-market at roughly AU$23.31 per share. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Upcoming Dividend • Apr 04
Upcoming dividend of AU$0.22 per share Eligible shareholders must have bought the stock before 11 April 2022. Payment date: 03 May 2022. Payout ratio is a comfortable 13% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of Australian dividend payers (5.7%). Lower than average of industry peers (3.5%). Recent Insider Transactions • Dec 02
MD & Executive Director recently sold AU$592k worth of stock On the 24th of November, Lindsay Partridge sold around 25k shares on-market at roughly AU$23.66 per share. This was the largest sale by an insider in the last 3 months. Lindsay has been a seller over the last 12 months, reducing personal holdings by AU$489k. Upcoming Dividend • Oct 26
Upcoming dividend of AU$0.40 per share Eligible shareholders must have bought the stock before 02 November 2021. Payment date: 24 November 2021. Trailing yield: 2.5%. Lower than top quartile of Australian dividend payers (5.3%). Lower than average of industry peers (3.0%). Recent Insider Transactions • Sep 30
MD & Executive Director recently sold AU$411k worth of stock On the 24th of September, Lindsay Partridge sold around 16k shares on-market at roughly AU$25.70 per share. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Lindsay has been a buyer over the last 12 months, purchasing a net total of AU$102k worth of shares. Reported Earnings • Sep 23
Full year 2021 earnings released: EPS AU$1.59 (vs AU$2.10 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$890.3m (down 6.6% from FY 2020). Net income: AU$240.2m (down 24% from FY 2020). Profit margin: 27% (down from 33% in FY 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Recent Insider Transactions • May 04
Lead Independent Director recently bought AU$65k worth of stock On the 30th of April, Deborah Page bought around 3k shares on-market at roughly AU$20.26 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$513k. Insiders have collectively bought AU$1.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Apr 16
MD & Executive Director recently bought AU$512k worth of stock On the 15th of April, Lindsay Partridge bought around 25k shares on-market at roughly AU$20.49 per share. This was the largest purchase by an insider in the last 3 months. Lindsay has been a buyer over the last 12 months, purchasing a net total of AU$1.0m worth in shares. Upcoming Dividend • Apr 05
Upcoming dividend of AU$0.21 per share Eligible shareholders must have bought the stock before 12 April 2021. Payment date: 28 April 2021. Trailing yield: 2.9%. Lower than top quartile of Australian dividend payers (5.4%). In line with average of industry peers (2.8%). Reported Earnings • Mar 26
First half 2021 earnings released: EPS AU$0.48 (vs AU$0.43 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: AU$431.7m (down 3.8% from 1H 2020). Net income: AU$72.1m (up 11% from 1H 2020). Profit margin: 17% (up from 14% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 16
Brickworks Limited, Annual General Meeting, Nov 23, 2021 Brickworks Limited, Annual General Meeting, Nov 23, 2021. Is New 90 Day High Low • Feb 09
New 90-day high: AU$20.29 The company is up 4.0% from its price of AU$19.57 on 11 November 2020. The Australian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$29.62 per share. Is New 90 Day High Low • Nov 25
New 90-day high: AU$20.25 The company is up 13% from its price of AU$17.99 on 27 August 2020. The Australian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$11.94 per share. Upcoming Dividend • Oct 07
Upcoming Dividend of AU$0.39 Per Share Will be paid on the 25th of November to those who are registered shareholders by the 14th of October. The trailing yield of 3.0% is below the top quartile of Australian dividend payers (5.6%), but is in line with industry peers (3.2%). Reported Earnings • Sep 25
Full year earnings released - EPS AU$2.10 Over the last 12 months the company has reported total profits of AU$315.4m, up 61% from the prior year. Total revenue was AU$953.4m over the last 12 months, up 3.8% from the prior year. Profit margins were 33%, which is higher than the 21% margin from last year. The increase in margin was primarily driven by lower expenses. Is New 90 Day High Low • Sep 23
New 90-day high: AU$18.90 The company is up 24% from its price of AU$15.25 on 25 June 2020. The Australian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$10.18 per share.