Fletcher Building Ltd

FBU: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 6.60	Cdhs	Vdhb

Lowering Our Fair Value Estimate for Fletcher on a More Troubled Near-Term Outlook

Johannes Faul

May 20, 2024

Business Strategy and Outlook

Fletcher Building operates across six segments: building products; distribution; concrete; Australia; residential and development and construction. Fletcher's earnings are tied to construction activity in Australia and New Zealand. In fiscal 2023, EBIT was approximately split: 25% building products; 17% residential and development; 16% distribution; 18% concrete; 21% Australia; and 3% construction.

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