Fletcher Building Ltd

FBU: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.10	Htwkj	Lzjlz

Fletcher Building: Ship Breakdown Delivers Blow to Fiscal 2025 Earnings Expectations

Esther Holloway

Jul 29, 2024

Fletcher Building reports operational issues with the ship used to transport cement around New Zealand’s North Island for its Golden Bay cement business. The ship is owned and operated by a third party and it is uncertain when it will be repaired. Our fair value estimate for no-moat Fletcher Building is unchanged at NZD 3.20 (AUD 2.90) per share. While there is a short-term hit to its profit, it is not material to our fair value estimate and not expected to have long-term ramifications.

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