Announcement • Jul 05
Seven Group Holdings Limited (ASX:SVW) completed the acquisition of remaining 28.4% stake in Boral Limited (ASX:BLD). Seven Group Holdings Limited (ASX:SVW) made an offer to acquire remaining 28.4% stake in Boral Limited (ASX:BLD) for AUD 2 billion on February 19, 2024. Under the Merger Offer, SGH Bidder would acquire all of your Boral Shares for 0.1116 SGH Shares for each Boral Share and AUD 1.50 cash (the “Minimum Consideration”). The Merger Offer Consideration will increase by a further AUD 0.10 in cash if SGH Bidder reaches compulsory acquisition by achieving voting power of 90.6% or more. If both of these increases occur, SGH Bidder would acquire all of your Boral Shares for 0.1116 SGH Shares for each Boral Share and AUD 1.70 cash (the “Maximum Consideration”). The aggregate values of the Minimum Consideration and Maximum Consideration are AUD 6.05 and AUD 6.25 per Boral Share. SGH already has sufficient committed funding to make available to SGH Bidder to pay the Maximum Cash Offer Amount (and costs associated with the Offer) from a combination of SGH Group’s existing cash reserves (SGH has allocated cash of AUD 121 million out of its existing cash reserves for the purpose of partially funding the consideration under the Offer); committed and undrawn facilities under the SGH Corporate Loan Facility of AUD 765 million; AUD 240 million undrawn OEM facilities available to fund machines and rental equipment which are otherwise currently funded via the SGH Corporate Loan Facility; AUD 350 million undrawn master script loan agreements with three lenders of which AUD 200 million is currently permitted under the SGH Corporate Loan Facility with over AUD 1 billion of listed securities within the Group available to provide as security. SGH intends to enter into a transaction facility, SGH has received AUD 3 billion of “highly confident” commitments from domestic banks which are party to SGH’s current syndicated facility agreement, based on which it intends to enter into a new unsecured syndicated term loan bridge facility for up to AUD 400 million, to be provided to a related entity of SGH by a group of existing lenders to Corporate Loan Facility. The Board committee of Boral’s independent directors will communicate its recommended response to the SGH Offer in Boral’s Target’s Statement, which is expected to be dispatched to shareholders by March 19, 2024. The Target’s Statement will include an Independent Expert's Report opining on whether the Offer is fair and reasonable to Boral shareholders. At this stage, shareholders are advised to TAKE NO ACTION in response to the SGH Offer. The Offer scheduled to close on April 4, 2024. The Offer is not subject to any minimum acceptance condition. The Offer is only conditional upon the customary condition of no prescribed occurrences in relation to Boral. As of May 15, 2024, offer period extended to May 31, 2024. As of May 31, 2024 the offer period extended to June 28, 2024.Barrenjoey Advisory Pty Limited and Macquarie Securities (Australia) Ltd. acted as financial advisor, Herbert Smith Freehills acted as legal advisor and Boardroom Pty Limited acted as Transfer agent to Seven Group Holdings Limited and Allens acted as legal advisor and UBS Securities Australia Ltd financial advisor to Boral Limited. The fee for professional services paid or payable to Barrenjoey as financial adviser to SGH Bidder is up to AUD 3.5 million. The fee for professional services paid or payable to Macquarie Capital as financial adviser to SGH Bidder is up to AUD 3.5 million. The fee for professional services paid or payable to Herbert Smith Freehills as legal adviser to date is approximately AUD 450,000.Seven Group Holdings Limited (ASX:SVW) completed the acquisition of remaining 28.4% stake in Boral Limited (ASX:BLD) on July 4, 2024. Board Change • Jun 26
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Jacqueline Chow was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jun 24
Boral Limited Announces Appointment of Gitanjali Bhalla and Robert Cotterill to the Board Boral Limited advised that Gitanjali Bhalla and Robert Cotterill have been appointed to the Board effective 24 June 2024. Announcement • May 18
Boral Limited(ASX:BLD) dropped from FTSE All-World Index (USD) Boral Limited(ASX:BLD) dropped from FTSE All-World Index (USD) Announcement • Apr 12
Boral Limited (ASX:BLD) announces an Equity Buyback for 55,154,421 shares, representing 5% for AUD 354.09 million. Boral Limited (ASX:BLD) announces a share repurchase program. Under the program, the company will repurchase up to 55,154,421 shares, representing 5% of company's issued share capital for AUD 354.09 million. The shares will be repurchased at no more than AUD 6.42 per share. The purpose of the program is to provide enhanced liquidity for company's shareholders. The program will be valid till April 24, 2025. As of April 11, 2024, the company had 1,103,088,419 shares in issue. Announcement • Mar 20
Seven Group Holdings Limited (ASX:SVW) cancelled the acquisition of remaining 28.4% stake in Boral Limited (ASX:BLD). Seven Group Holdings Limited (ASX:SVW) made an offer to acquire remaining 28.4% stake in Boral Limited (ASX:BLD) for AUD 2 billion on February 19, 2024. Under the Merger Offer, SGH Bidder would acquire all of your Boral Shares for 0.1116 SGH Shares for each Boral Share and AUD 1.50 cash (the “Minimum Consideration”). The Merger Offer Consideration will increase by a further AUD 0.10 in cash if SGH Bidder reaches compulsory acquisition by achieving voting power of 90.6% or more. If both of these increases occur, SGH Bidder would acquire all of your Boral Shares for 0.1116 SGH Shares for each Boral Share and AUD 1.70 cash (the “Maximum Consideration”). The aggregate values of the Minimum Consideration and Maximum Consideration are AUD 6.05 and AUD 6.25 per Boral Share. SGH already has sufficient committed funding to make available to SGH Bidder to pay the Maximum Cash Offer Amount (and costs associated with the Offer) from a combination of SGH Group’s existing cash reserves (SGH has allocated cash of AUD 121 million out of its existing cash reserves for the purpose of partially funding the consideration under the Offer); committed and undrawn facilities under the SGH Corporate Loan Facility of AUD 765 million; AUD 240 million undrawn OEM facilities available to fund machines and rental equipment which are otherwise currently funded via the SGH Corporate Loan Facility; AUD 350 million undrawn master script loan agreements with three lenders of which AUD 200 million is currently permitted under the SGH Corporate Loan Facility with over AUD 1 billion of listed securities within the Group available to provide as security. SGH intends to enter into a transaction facility, SGH has received AUD 3 billion of “highly confident” commitments from domestic banks which are party to SGH’s current syndicated facility agreement, based on which it intends to enter into a new unsecured syndicated term loan bridge facility for up to AUD 400 million, to be provided to a related entity of SGH by a group of existing lenders to Corporate Loan Facility. The Board committee of Boral’s independent directors will communicate its recommended response to the SGH Offer in Boral’s Target’s Statement, which is expected to be dispatched to shareholders by March 19, 2024. The Target’s Statement will include an Independent Expert's Report opining on whether the Offer is fair and reasonable to Boral shareholders. At this stage, shareholders are advised to TAKE NO ACTION in response to the SGH Offer. The Offer scheduled to close on April 4, 2024. The Offer is not subject to any minimum acceptance condition. The Offer is only conditional upon the customary condition of no prescribed occurrences in relation to Boral.
Barrenjoey Advisory Pty Limited and Macquarie Securities (Australia) Ltd. acted as financial advisor, Herbert Smith Freehills acted as legal advisor and Boardroom Pty Limited acted as Transfer agent to Seven Group Holdings Limited and Allens acted as legal advisor and UBS Securities Australia Ltd financial advisor to Boral Limited. The fee for professional services paid or payable to Barrenjoey as financial adviser to SGH Bidder is up to AUD 3.5 million. The fee for professional services paid or payable to Macquarie Capital as financial adviser to SGH Bidder is up to AUD 3.5 million. The fee for professional services paid or payable to Herbert Smith Freehills as legal adviser to date is approximately AUD 450,000.
Seven Group Holdings Limited (ASX:SVW) cancelled the acquisition of remaining 28.4% stake in Boral Limited (ASX:BLD) on March 19, 2024. Announcement • Feb 19
Seven Group Holdings Limited (ASX:SVW) made an offer to acquire remaining 28.4% stake in Boral Limited (ASX:BLD) for AUD 2 billion Seven Group Holdings Limited (ASX:SVW) made an offer to acquire remaining 28.4% stake in Boral Limited (ASX:BLD) for AUD 2 billion on February 19, 2024. Major Estimate Revision • Feb 15
Consensus EPS estimates increase by 14%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from AU$3.73b to AU$3.69b. EPS estimate rose from AU$0.189 to AU$0.216. Net income forecast to grow 24% next year vs 16% growth forecast for Basic Materials industry in Australia. Consensus price target up from AU$4.94 to AU$5.67. Share price rose 9.0% to AU$5.81 over the past week. Reported Earnings • Feb 10
First half 2024 earnings: EPS exceeds analyst expectations First half 2024 results: EPS: AU$0.11 (up from AU$0.063 in 1H 2023). Revenue: AU$1.84b (up 9.4% from 1H 2023). Net income: AU$122.0m (up 75% from 1H 2023). Profit margin: 6.6% (up from 4.1% in 1H 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Basic Materials industry in Australia. Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 10
Price target increased by 12% to AU$5.52 Up from AU$4.94, the current price target is an average from 13 analysts. New target price is 5.7% below last closing price of AU$5.86. Stock is up 62% over the past year. The company is forecast to post earnings per share of AU$0.22 for next year compared to AU$0.14 last year. Announcement • Nov 28
Boral Limited to Report Q2, 2024 Results on Feb 09, 2024 Boral Limited announced that they will report Q2, 2024 results on Feb 09, 2024 Announcement • Sep 25
Boral Limited Announces Retirement of Karen Moses as Non-Executive Director Boral Limited announced the retirement of Karen Moses as a non-executive director of the Board effective the close of the Annual General Meeting on, 26 October 2023. Ms Moses has been a non-executive director of Boral since March 2016 and is the Chair of the Health, Safety and Environment Committee and a member of the Audit and Risk and Independent and Related Party Committees. Buying Opportunity • Aug 30
Now 23% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be AU$6.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$5.09, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 19x in the Basic Materials industry in Australia. Total returns to shareholders of 132% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$6.02 per share. Announcement • Aug 12
Boral Limited Announces Company Secretary Changes Boral Limited (Boral) announced that Jean-Paul Wallace was appointed General Counsel on 1 August 2023 and has been appointed as Company Secretary effective 11 August 2023. In accordance with ASX Listing Rule 3.16.1, the company announced that Peter Lim, Interim General Counsel and CompanySecretary, has resigned as Company Secretary of Boral also with effect from 11 August 2023. In accordance with ASX Listing Rule 12.6, Jean-Paul Wallace is now responsible for communication with the ASX in relation to Listing Rule matters. Reported Earnings • Aug 11
Full year 2023 earnings released: EPS: AU$0.14 (vs AU$0.015 loss in FY 2022) Full year 2023 results: EPS: AU$0.14 (up from AU$0.015 loss in FY 2022). Revenue: AU$3.46b (up 17% from FY 2022). Net income: AU$158.0m (up AU$175.0m from FY 2022). Profit margin: 4.6% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Basic Materials industry in Australia. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 11
Price target increased by 14% to AU$4.44 Up from AU$3.90, the current price target is an average from 14 analysts. New target price is 6.4% below last closing price of AU$4.74. Stock is up 59% over the past year. The company is forecast to post earnings per share of AU$0.11 next year compared to a net loss per share of AU$0.015 last year. Buying Opportunity • Aug 03
Now 20% undervalued Over the last 90 days, the stock is up 7.3%. The fair value is estimated to be AU$5.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Buying Opportunity • Jul 18
Now 20% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be AU$5.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Announcement • Jun 06
Boral Limited Announces Board Changes, Effective June 30, 2023 Boral Limited announced the retirement of Paul Rayner as a non-executive Director of the Board effective 30 June 2023. Mr. Rayner has been a non-executive Director of Boral since 5 September 2008, and serves as the Chairman of the Audit & Risk Committee. Mark Johnson has been appointed the Chairman of the Audit & Risk Committee, effective 30 June 2023. During his time as Chairman of the Audit & Risk Committee, Paul oversaw improvements in the Committee's processes and activities to ensure it added value to the group's financial reporting and risk management functions. Announcement • May 09
Boral Limited, Annual General Meeting, Oct 26, 2023 Boral Limited, Annual General Meeting, Oct 26, 2023. Announcement • May 08
Boral Limited to Report Fiscal Year 2023 Results on Aug 10, 2023 Boral Limited announced that they will report fiscal year 2023 results on Aug 10, 2023 Price Target Changed • Feb 09
Price target increased by 10% to AU$3.58 Up from AU$3.24, the current price target is an average from 12 analysts. New target price is 9.9% below last closing price of AU$3.97. Stock is down 0.5% over the past year. The company is forecast to post earnings per share of AU$0.096 next year compared to a net loss per share of AU$0.015 last year. Announcement • Feb 08
Boral Limited Provides Earnings Guidance for the Second Half of Fiscal Year 2023 Boral Limited provides earnings guidance for the second half of fiscal year 2023. The company expects second half of fiscal year 2023 EBIT to be broadly in line with first half fiscal year 2023. Reported Earnings • Feb 08
First half 2023 earnings: EPS and revenues exceed analyst expectations First half 2023 results: EPS: AU$0.063 (up from AU$0.02 in 1H 2022). Revenue: AU$1.68b (up 12% from 1H 2022). Net income: AU$69.6m (up 219% from 1H 2022). Profit margin: 4.1% (up from 1.5% in 1H 2022). Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) also surpassed analyst estimates by 102%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Basic Materials industry in Australia. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Jan 27
Boral Limited to Report First Half, 2023 Results on Feb 08, 2023 Boral Limited announced that they will report first half, 2023 results on Feb 08, 2023 Board Change • Dec 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO, MD & Executive Director Vik Bansal was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 16
Independent Non-Executive Director recently bought AU$56k worth of stock On the 8th of November, Jacqueline Chow bought around 20k shares on-market at roughly AU$2.80 per share. This transaction increased Jacqueline's direct individual holding by 20x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth AU$75k. Insiders have collectively bought AU$470k more in shares than they have sold in the last 12 months. Announcement • Nov 03
Boral Limited Appoints Vik Bansal as Executive Director Boral Limited announced the formal appointment of Vik Bansal as an Executive Director to the Board. Mr. Bansal's appointment is effective immediately. This appointment is consistent with Boral's previously announced appointment of Mr. Bansal and will formalise his position as CEO and Managing Director. Board Change • Oct 17
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. 1 highly experienced director. Independent Non-Executive Director Paul Rayner is the most experienced director on the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Oct 14
Boral Limited Appoints Belinda Shaw as Chief Financial Officer Boral Limited announced the appointment of Belinda Shaw as Chief Financial Officer (CFO), effective 30 January 2023. Belinda is an experienced CFO with significant experience in senior executive and finance roles. She is currently Acting CFO at Sydney Airport, where she has also held senior finance roles since 2019. Prior to her time at Sydney Airport, Belinda worked at General Electric Company (GE), where her career spanned 15 years, holding a number of senior executive roles in Asia and the Americas, including CFO ANZ & PNG. Belinda will take over from Jared Gashel, who has held the position of Acting CFO since 19 April 2022. Belinda holds a Bachelor of Commerce from the University of South Australia and is a Fellow CertifiedPracticing Accountant (FCPA). Recent Insider Transactions • Sep 02
Independent Non-Executive Director recently bought AU$75k worth of stock On the 29th of August, Alan Robert Sindel bought around 25k shares on-market at roughly AU$3.00 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$414k more in shares than they have sold in the last 12 months. Announcement • Sep 01
Boral Limited Announces Change of Company Secretary Boral announced the appointment of Boral's existing Chief Legal Officer Amy Jackson as Company Secretary, effective, replacing Dom Millgate. Amy Jackson will be responsible for communications with the ASX under Listing Rule 12.6. Reported Earnings • Aug 24
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: AU$0.015 loss per share (down from AU$0.016 profit in FY 2021). Revenue: AU$2.96b (up 1.1% from FY 2021). Net loss: AU$17.0m (down 189% from profit in FY 2021). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 9.2%, compared to a 12% growth forecast for the Basic Materials industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Aug 23
Boral Limited Provides Earnings Guidance for the Year 2023 Boral Limited provided earnings guidance for the year 2023. In fiscal year 2023, Boral expects: revenue to be higher than fiscal year 2022, driven by strong price growth and increased volumes, with volumes to benefit from less disruption, including no construction shutdowns and higher construction demand - stronger infrastructure demand, including accelerating major projects work, and improved non-residential activity to more than offset softening detached housing demand in second half of fiscal year 2023 - a high risk of further adverse impacts due to exceptional rainfall, with July 2022 the wettest July on record in Sydney - the benefit of price increases coupled with performance improvement initiatives to more than offset the impact of significant total cost inflation, with energy costs remaining elevated. In addition, Boral expects: no property divestments due to change in strategy - financing costs to be approximately 4.2% p.a. on gross debt value (including leases) - effective tax rate to be close to the Australian corporate tax rate of 30% - capital expenditure to be approximately $235 million (including new leases). Price Target Changed • May 23
Price target decreased to AU$3.43 Down from AU$3.71, the current price target is an average from 11 analysts. New target price is 14% above last closing price of AU$3.02. Stock is down 55% over the past year. The company is forecast to post earnings per share of AU$0.93 for next year compared to AU$0.016 last year. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Jacqueline Chow was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Jacqueline Chow was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
First half 2022 earnings: Revenues exceed analyst expectations First half 2022 results: Revenue: AU$2.38b (down 12% from 1H 2021). Net income: AU$145.0m (up 26% from 1H 2021). Profit margin: 6.1% (up from 4.3% in 1H 2021). Revenue exceeded analyst estimates by 23%. Over the next year, revenue is forecast to grow 34%, compared to a 17% growth forecast for the industry in Australia. Announcement • Feb 16
Boral Limited (ASX:BLD) agreed to acquire the Business from Hillview Sand Pty Ltd for AUD 30 million. Boral Limited (ASX:BLD) agreed to acquire the Business from Hillview Sand Pty Ltd for AUD 30 million on December 2021. The transaction is expected to complete in February 2022. Major Estimate Revision • Feb 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from AU$4.12b to AU$3.58b. EPS estimate increased from AU$0.14 to AU$0.47 per share. Net income forecast to grow 655% next year vs 37% growth forecast for Basic Materials industry in Australia. Consensus price target down from AU$5.79 to AU$4.39. Share price fell 8.1% to AU$3.63 over the past week. Announcement • Feb 15
Boral Limited Provides Revenue Guidance for the Second Half of Fiscal Year 2022 Boral Limited provided revenue guidance for the second half of fiscal year 2022. For the half, the company expects revenue in to be higher than the 1H FY2022, reflecting the impact of out-of-cycle national price increases effective January/February. Announcement • Feb 11
Eco Material Technologies Inc completed the acquisition of North American Fly Ash business of Boral Limited (ASX:BLD). Eco Material Technologies Inc entered into an agreement to acquire North American Fly Ash business of Boral Limited (ASX:BLD) for approximately $760 million on December 5, 2021. The transaction is subject to customary conditions precedent and completion adjustments, and is expected to complete in FY2022, allowing for the regulatory approval process. Darren Hauck, Victoria Kulik, Adam Biegel, Hilla Shimshoni, David Teske, Randy Luffman, Trenton Hafley, Kate Moseley, Clare Draper, Brian Harvel and Meaghan Boyd of Alston & Bird LLP acted as legal advisor to Boral Limited. RBC Capital Markets Inc acted as financial advisor to Boral. Jefferies LLC acted as financial advisor to Eco Material.
Eco Material Technologies Inc completed the acquisition of the North American Fly Ash business of Boral Limited (ASX:BLD) for February 10, 2022. Price Target Changed • Feb 05
Price target decreased to AU$6.05 Down from AU$6.58, the current price target is an average from 11 analysts. New target price is 59% above last closing price of AU$3.80. The company is forecast to post earnings per share of AU$0.14 for next year compared to AU$0.016 last year. Buying Opportunity • Feb 04
Now 45% undervalued after recent price drop Over the last 90 days, the stock is down 43%. The fair value is estimated to be AU$6.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% per annum over the last 3 years. The company has become profitable over the last year. Announcement • Feb 01
Boral Limited Announces an Unfranked Dividend, Payable on 14 February 2022 Boral Limited announced an unfranked dividend of 7 cents per share, totaling $77 million. The dividend payable on 14 February 2022 to the shareholders recorded on 7 February 2022 and Ex date is 4 February 2022. Recent Insider Transactions • Dec 26
CEO, MD & Director recently bought AU$239k worth of stock On the 21st of December, Zlatko Todorcevski bought around 39k shares on-market at roughly AU$6.05 per share. This was the largest purchase by an insider in the last 3 months. Zlatko has been a buyer over the last 12 months, purchasing a net total of AU$747k worth in shares. Announcement • Dec 07
Eco Material Technologies Inc entered into an agreement to acquire North American Fly Ash business of Boral Limited (ASX:BLD) for approximately $760 million. Eco Material Technologies Inc entered into an agreement to acquire North American Fly Ash business of Boral Limited (ASX:BLD) for approximately $760 million on December 6, 2021. The transaction is subject to customary conditions precedent and completion adjustments, and is expected to complete in FY2022, allowing for the regulatory approval process. Major Estimate Revision • Dec 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from AU$0.16 to AU$0.14. Revenue forecast unchanged from AU$4.10b at last update. Net income forecast to grow 701% next year vs 13% growth forecast for Basic Materials industry in Australia. Consensus price target broadly unchanged at AU$6.60. Share price was steady at AU$6.11 over the past week. Reported Earnings • Sep 25
Full year 2021 earnings released: EPS AU$0.016 (vs AU$0.013 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: AU$2.92b (down 6.2% from FY 2020). Net income: AU$19.1m (up AU$34.7m from FY 2020). Profit margin: 0.7% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Price Target Changed • Aug 30
Price target decreased to AU$6.60 Down from AU$7.14, the current price target is an average from 11 analysts. New target price is 8.4% above last closing price of AU$6.09. Reported Earnings • Aug 26
Full year 2021 earnings released: EPS AU$0.43 (vs AU$0.95 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$5.85b (up 3.1% from FY 2020). Net income: AU$5.61b (up AU$6.75b from FY 2020). Profit margin: 96% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Executive Departure • Aug 04
Independent Non-Executive Chairman Kathryn Fagg has left the company On the 30th of July, Kathryn Fagg's tenure as Independent Non-Executive Chairman ended after 3.1 years in the role. As of March 2021, Kathryn still personally held 127.35k shares (AU$699k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.13 years, which is considered inexperienced in the Simply Wall St Risk Model. Board Change • Aug 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Chairman Ryan Stokes was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 28
Allied Natural Wood Exports Pty Ltd entered into an agreement to acquire Australian hardwood and softwood timber business of Boral Limited (ASX:BLD) for AUD 64.5 million Allied Natural Wood Exports Pty Ltd entered into an agreement to acquire Australian hardwood and softwood timber business of Boral Limited (ASX:BLD) for AUD 64.5 million on July 26, 2021. Transaction is subject to customary completion adjustments and expected to be completed in 2021. In line with Boral’s financial framework, the proceeds will be used to optimise Boral’s net debt position and after allowing for reinvestment needs, any surplus is expected to be available for distribution to Boral’s shareholders Price Target Changed • Jun 29
Price target increased to AU$7.05 Up from AU$6.52, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of AU$7.34. Announcement • Jun 25
Seven Group Holdings Improved Takeover Offer to Boral On June 25, 2021, Seven Group Holdings Ltd announced that, it has returned with an improved takeover offer for Boral Ltd. As previously Boral rejected an initial approach. Announcement • Jun 22
Boral to Sell American Building Products Business for $2.2 Billion Australia's Boral Limited (ASX:BLD) said it would sell its North American building products business to Westlake Chemical Corporation (NYSE:WLK) for $2.15 billion. The announcement came in a disclosure in response to a bid by Seven Group Holdings in May to buy all the shares in Boral it did not already own for AUD 6.50 apiece, valuing the construction materials maker at AUD 7.91 billion ($5.9 billion). Following the sale of the North American business, Boral said its net debt target would fall from AUD 1.5 billion to AUD 1.3 billion. Price Target Changed • Jun 11
Price target increased to AU$6.31 Up from AU$5.58, the current price target is an average from 8 analysts. New target price is 7.7% below last closing price of AU$6.83. Announcement • May 13
Boral Urges Shareholders to Reject Offer from Seven Group Holdings Boral Limited (ASX:BLD) has urged its investors to reject the offer from billionaire Kerry Stokes' industrial conglomerate Seven Group Holdings Limited (ASX:SVW) that values the company at $8 billion. Boral said its committee of directors believed the $6.50 offer was ‘opportunistic’ and delivered a ‘nil’ premium to its last close. Boral Director and Seven Managing Director Ryan Stokes has stepped off the Boral board while it considers the proposal. ‘The committee believes the offer is opportunistic, undervalues the company and unanimously recommends shareholders reject the offer once it opens by taking no action,’ the company said in a statement. ‘Boral management remains committed to the company's strategic goals including the transformation targets set across the group and the ongoing process in relation to its North American portfolio.’ Seven already holds a 23.18% stake in Boral. Seven launched the offer on May 10, 2021 evening, explaining that while it had launched a full takeover offer, it would be satisfied if it was able to build its holding to 30%. Under Australian takeover laws, Seven has to launch a full takeover offer given the size of its stake in Boral already. Seven's offer is also conditional on there being no material adverse change to Boral or the overall market and Seven receiving consent from the majority of its lenders under its corporate loan facility. The offer is expected to open for Boral shareholders on May 25. Seven is flush with cash after recently raising $500 million from shareholders. Seven said on May 10, 2021 that its offer was a premium to price being currently offered by Boral to buy back investor shares. Morgan Stanley analyst Andrew Scott also described the Seven offer as opportunistic in a note to clients. ‘As it stands May 12, 2021, with the bid in line with the current share price we expect limited take-up,’ Mr. Scott said. ‘However, we expect that it will put a floor under the share price at the [$6.50 bid level] and that the stock should trade ahead of the bid in the near term.’ Boral shares closed up 2.65% at $6.67 in May 11, 2021’s trading session. Is New 90 Day High Low • Mar 09
New 90-day high: AU$5.52 The company is up 14% from its price of AU$4.84 on 09 December 2020. The Australian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$8.19 per share. Announcement • Feb 26
Boral Limited, Annual General Meeting, Oct 28, 2021 Boral Limited, Annual General Meeting, Oct 28, 2021.