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. Duyuru • 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. Duyuru • May 18
Boral Limited(ASX:BLD) dropped from FTSE All-World Index (USD) Boral Limited(ASX:BLD) dropped from FTSE All-World Index (USD) Duyuru • 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. Duyuru • 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. Reported Earnings • Feb 11
First half 2024 earnings released: EPS: AU$0.11 (vs AU$0.063 in 1H 2023) 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 is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Basic Materials industry in Europe. 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 3% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 21
Boral Limited, Annual General Meeting, Oct 29, 2024 Boral Limited, Annual General Meeting, Oct 29, 2024. Duyuru • 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 Duyuru • 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. 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 €2.96, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 10x in the Basic Materials industry in Europe. Total returns to shareholders of 133% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.82 per share. Duyuru • 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 3.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Basic Materials industry in Europe. 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 7% per year, which means it is significantly lagging earnings growth. Duyuru • 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. Duyuru • May 09
Boral Limited, Annual General Meeting, Oct 26, 2023 Boral Limited, Annual General Meeting, Oct 26, 2023. Duyuru • 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 Reported Earnings • Feb 08
First half 2023 earnings released: EPS: AU$0.063 (vs AU$0.02 in 1H 2022) 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 is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Basic Materials industry in Europe. 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 8% per year, which means it has not declined as severely as earnings. Duyuru • 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. Duyuru • 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 02
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. 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. Recent Insider Transactions • Sep 02
Independent Non-Executive Director recently bought €52k worth of stock On the 29th of August, Alan Robert Sindel bought around 25k shares on-market at roughly €2.07 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 €267k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 24
Full year 2022 earnings released: AU$0.015 loss per share (vs AU$0.016 profit in FY 2021) 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). Over the next year, revenue is forecast to grow 9.2%, compared to a 4.6% growth forecast for the Basic Materials industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. 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 02
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 9.4% growth forecast for the industry in Germany. Buying Opportunity • Feb 05
Now 46% undervalued after recent price drop Over the last 90 days, the stock is down 44%. The fair value is estimated to be AU$4.33, 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. Buying Opportunity • Jan 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be AU$4.63, however 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. Recent Insider Transactions • Dec 27
CEO, MD & Director recently bought €151k worth of stock On the 21st of December, Zlatko Todorcevski bought around 39k shares on-market at roughly €3.83 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 €475k worth in shares. 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. Reported Earnings • Aug 25
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 3% 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 (€448k 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. Is New 90 Day High Low • Mar 10
New 90-day high: €3.52 The company is up 20% from its price of €2.94 on 09 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.80 per share. Recent Insider Transactions • Feb 21
Independent Non-Executive Director recently bought €49k worth of stock On the 19th of February, Deborah O’Toole bought around 15k shares on-market at roughly €3.25 per share. In the last 3 months, there was an even bigger purchase from another insider worth €324k. Insiders have collectively bought €561k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 18
CEO, MD & Director recently bought €324k worth of stock On the 10th of February, Zlatko Todorcevski bought around 100k shares on-market at roughly €3.24 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 €327k worth in shares. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue misses expectations Revenue missed analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 1.1%, compared to a 3.4% growth forecast for the Basic Materials industry in Germany. Reported Earnings • Feb 11
First half 2021 earnings released: EPS AU$0.094 (vs AU$0.10 in 1H 2020) The company reported a soft first half result with weaker earnings and revenues, although profit margins were improved. First half 2021 results: Revenue: AU$2.70b (down 8.7% from 1H 2020). Net income: AU$115.4m (down 2.7% from 1H 2020). Profit margin: 4.3% (up from 4.0% in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 03
New 90-day high: €3.24 The company is up 9.0% from its price of €2.98 on 04 November 2020. The German market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.15 per share. Is New 90 Day High Low • Jan 15
New 90-day high: €3.18 The company is up 11% from its price of €2.86 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.20 per share.