# BLD - Boral Limited



## GreatPig (1 September 2005)

Boral holders must be happy with recent gains. Jumped today back into blue sky territory.

Cheers,
GP

[I don't hold]


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## GreatPig (24 July 2006)

Time for a change of direction perhaps?

Cheers,
GP


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## stink (5 September 2006)

Hey,

I reckon this ones on the move now, will be interested to see how it runs tomorrow.

Any thoughts?

Cheers Stink


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## swingstar (7 September 2006)

GreatPig said:
			
		

> Time for a change of direction perhaps?
> 
> Cheers,
> GP




I think it is now.


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## barney (7 September 2006)

My dad used to say " You dont need to have a long neck to be a goose"

Hey Stink....Off topic but that quote reminds me of a few "pearls" that some of the old guys at my local bowling club use..One of my favorites is (after someone has played a good shot at bowls) this old gentleman often states:-

"That is like a bulls ****..........It'll take a lot of lickin' " 

(nothing to do with Boral..... sorry Joe.....dont go crook!)


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## stink (7 September 2006)

barney said:
			
		

> My dad used to say " You dont need to have a long neck to be a goose"
> 
> Hey Stink....Off topic but that quote reminds me of a few "pearls" that some of the old guys at my local bowling club use..One of my favorites is (after someone has played a good shot at bowls) this old gentleman often states:-
> 
> ...




LOL yeah i laugh at some of the one liners the old boys come out with.

When i see the old man we usually go down the RSL for a few and its a classic listening to him and his buddies talken ****.

Again sorry for OT.

Stink


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## moby (7 September 2006)

Apparently the big trading banks have got a high $8 low $9 target price on it. Looks alright. Possibly a good 25% + in it.


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## swingstar (15 October 2006)

Here is my count. Similar to RIN and JHX and has been trending much smoother. Looks to me like it's nearing completion of wave B of intermediate degree. If so, when wave C begins, BLD will probably go well below $6.


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## GreatPig (18 October 2006)

Boral pushed up nicely late in the day today.

Next resistance around $8.40

Cheers,
GP


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## GreatPig (19 October 2006)

Well so much for that...

GP


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## coyotte (3 November 2006)

Anyone know what today was all about ?

Big move for such low volume

Cheers


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## Bongo_Boy (6 November 2006)

This one looks good on the charts at the moment.


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## swingstar (6 November 2006)

Bongo_Boy said:
			
		

> This one looks good on the charts at the moment.




Long or short and why? Looks good for further falls IMO, at least to $6.50.


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## jkool (29 January 2007)

Looked at Boral's last AR report few days back (my findings are here http://sog.shopinthemall.com/2007/01/24/australia-boral-limited/) and it seems to me that even at current $8.20ish levels (being ca 13 P/E) this stock looks pretty solid. 

What I like most is its seeming stability of earnings in last few years and decent Returns on Equity. 
Some may say however that the near future of building industry may be somehow shaky (interest rates higher both US and AUS => slowing in building activity) which would be hard to argue. 

Also I am not a big fan of companies which keep issuing new shares and therefore somehow water down the value for existing shareholders. BLD seems to be doing that quite regularly.

jkool


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## jkool (14 February 2007)

Interim results released on 7 Feb and I got some facts: http://sog.shopinthemall.com/2007/02/13/australia-boral-limited-–-interim-results-fy2007/

Boral seems to be getting nowhere fast as the industry cycle is turning, earnings  and profits down. The company management advises thats how its gonna be for immediate future yet the market reacts with a share price increase! Once again it would make no sense if we did not know about the rumours of potential takeover. Rumours which the Boral's management denies.

So lets sit tight and watch.....or buy......or sell....its up to you really


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## bigdog (4 July 2007)

Your thoughts on why Boral SP is up and down!

Was rumoured as a takeover target

US housing is down!

Currently:
BLD   $8.61    -$0.20  -2.27%  high of $8.73 and low $8.57  2,760,594 shares $23,895,052 @ 04-Jul 12:00:50


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## bigdog (10 July 2007)

Possible reason for sell off!

http://www.smh.com.au/news/Business...be-flat-analyst/2007/07/10/1183833486563.html

*Boral's 2008 profits to be flat*
July 10, 2007 - 12:49PM

Australia's largest building and construction materials supplier, Boral Limited, is expected to report a flat profit in 2008, with a lift in performance anticipated in 2009, say analysts.

In a report released on Tuesday by investment bank UBS, building materials analysts slashed their estimates of the company's performance on the back of weak US profits and disappointing housing data in NSW.

"USA profits look as if they will be weak and last month's housing data for NSW was disappointing," the report said. "As a result, estimates are cut to show a flat 2008 profit.

"We assume a recovery in 2009."

Boral had earlier forecast a recovery in 2008 for the US and NSW housing markets, two key markets for the timber, cement and plaster board supplier.

When contacted by AAP, Boral said it would not comment on the UBS predictions, given that the company was to deliver its full year results next month.

"We won't give any comment on outlook," a media spokesperson said.

UBS said it expected Boral to make a comeback in 2009, as it was well positioned to benefit from the increased demand when it happened in both Australia and the US.

"Significant investment in manufacturing capacity should stand the company and investors in good stead when demand is there," said UBS.

Analysts at UBS also said the demand for building materials in Western Australia remained robust, although housing affordability was "a major issue".

The company was facing competition from its non-listed rival, the Buckridge Group, which was building capacity in WA and had recently started acquiring second hand kilns from eastern Europe.

"Clay brick penetration at 95 per cent of new detached housing is an excellent market for Boral, but one that is unlikely to get better and where there are some risks around the Buckridge Group's second hand new entry," analysts said.

But they believed Boral had greater long term value than implied by the "substantially lower" US earnings in the short term.

Boral's chief executive, Rod Pearse, had said in February that the recovery in the NSW and US markets would be gradual and, in NSW, the peak would be around 2010 or 2011.

In November, he said it looked like the recovery would be in the 2008 calendar year, although it was "hard to tell".

Boral has been rumoured as a target but, last October, in response to a stock exchange query, the group quashed a rumoured bid from Cemex, the Mexican cement company which is just millimetres away from moving to full acquisition of Australian building materials maker, Rinker Group Ltd.

Cemex on Tuesday said it had gained 89.76 per cent of shareholder acceptances for its $US14.25 billion ($A16.63 billion) takeover of Rinker.

Shares in Boral at 1138 AEST were down five cents to $8.48.


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## vishalt (10 October 2007)

I posted about Boral in my blog, check it out. 

I'm buying it tomorrow with a stop under $7.30, you're also absolutely right about the whole cycle thing, I mean we only have 20 million people here, I'm sure Boral will build houses for the millions more who want homes!!


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## bigdog (29 October 2007)

BLD share price has been very disappointing over past months

This morning's reaction to ANN was fall in SP with low of $6.60!
 BLD   	$6.72  	   	  -$0.10   	  -1.47%   	   	high of 	 $6.76  	 with low of $6.60  	 1,308,481 shares 	 $8,735,592  	@ 29-Oct 10:14:26

ASX today 
29/10/2007	 	AGM Addresses - incl Trading Update and Outlook
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00775439

*CHAIRMAN’S ADDRESS*
By Dr Ken Moss
Ladies and Gentlemen,

Thankyou for joining us at Boral’s 2007 Annual General Meeting.

The nature of Boral’s business is that it operates across a number of cyclical markets in the building and construction materials industries in Australia, the USA and Asia. Boral’s results for the twelve months to 30 June 2007 reflect the fact that some markets in which we operate were experiencing peak levels of demand whilst other key markets were experiencing significant downturns.

Strong levels of infrastructure and non-dwelling activity in Australia underpinned strong levels of concrete demand and a record result for Boral’s construction materials group in Australia. However, Australian housing and US housing experienced cyclical downturns, which impacted most significantly on our building products businesses in Australia and the USA.

Despite the cyclical downturns in housing, Boral delivered a solid financial performance for the year ended 30 June 2007. We continued to deliver the Company’s Perform and Grow strategy and Boral’s non-financial performance, including safety and environmental management, continued to strengthen.
Financial Performance For the 2006/07 financial year, Boral’s sales revenue of $4.9 billion was 3% higher due to price strength, stronger construction materials volumes and growth initiatives. However, earnings before interest, tax, depreciation and amortisation of $762 million were down $61 million. 

Overall, Boral’s reported net profit after tax of $298 million was 18% below the previous year largely reflecting the impact of lower volumes in the USA and in Australian building products as well as higher funding costs associated with growth investments.

Importantly, growth projects that have been completed are delivering earnings benefits and are offsetting a further reduction in Boral’s EBITDA which would otherwise have resulted from the significant Australian and USA housing downturns.

There are 13 more pages


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## bigdog (29 October 2007)

*IMHO Boral now must be a real cheap takeover target!!!!!!!!*

http://www.smh.com.au/news/business...-dollar-worries/2007/10/29/1193555568288.html
Boral downgrades on US housing, dollar worries
October 29, 2007 - 10:19AM

Building materials group Boral says earnings in the first half, and for the full year, could be 15 per cent lower, if the Australian dollar remains strong and the US housing market is softer than expected.

The company said its Australian business was performing ahead of expectations in the first quarter of 2007/08, but that the US operations were not doing as well.

Chief executive Rod Pearse said Boral was expecting US housing starts for fiscal 2008 to be as low as 1.1 million, compared to recent, revised market forecasts of 1.25 million starts.


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## Ken (29 October 2007)

As long as the 34 cent dividend is kept, these levels are good buying.

Subs $6.00 would get the takeover talk happening.

PE ratio is still fairly priced.

I think James Hardie is a better stock than Boral.

But I guess its like picking one of the banks....

Everyone has different opinions.


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## vishalt (29 October 2007)

It's dropped to major support level.. 

Boral is fundamentally a pretty good business, I mean sooner or later more land will have to be released in Australia and there will be a reversal about housing in the US (the rate cuts should help).


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## YELNATS (29 October 2007)

Ken said:


> As long as the 34 cent dividend is kept, these levels are good buying.
> 
> Subs $6.00 would get the takeover talk happening.
> 
> ...




Anyone notice how similar the sp performance of both BLD and JHX have been since about July? It's uncanny and even now the sp prices are vitually identical.

However, BLD has the better dividend yield, which is fully franked and the better pe ratio.


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## michael_selway (29 October 2007)

Ken said:


> As long as the 34 cent dividend is kept, these levels are good buying.
> 
> Subs $6.00 would get the takeover talk happening.
> 
> ...




Hm not bad, although technically its dropping

*Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS 49.9 48.9 56.1 67.3 
DPS 34.0 34.0 35.7 38.5 *

thx

MS


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## Ken (30 October 2007)

Well Boral bounced today.

Should be interesting to see where Boral finds a bottom.

I guess with any cyclical stock, do you buy when times are rough? Or when they are good?

Boral has a monopoly on the market really.


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## edvisor (30 October 2007)

Ken, it depends on how much patience you have.

I will be waiting (perhaps to my own detriment) at least until after the next couple interest rate cut in the US.

However, judging from the SP and trading activity - it looks to have bottomed at around current prices. (its absorbed both a profit and broker downgrades in its stride and is still standing firm even with the $US at long term lows against other major currencies). 

Still, it will need some major shift in sentiment or a takeover rumour to go onwards and upwards.


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## DionM (28 November 2007)

Well BLD continues to drop.

Would have thought a change of govt and the infrastructure spending attached to it (esp in SE Qld) would have brought about BLDs fortunes.  

Perpetual are also a recent major shareholder, buying in at relatively high prices.

I'm guessing US Housing worries is what's driving BLD down?

At current prices the dividends yield is quite reasonable.

Looking at the chart you have to go back to mid-2005 to find the stock at these levels (oh how it has fallen from it's $10 highs).   Hard to work out where support might lie - maybe $5-$5.50 but that's from around last 1/4 of 2003 is about the only place I can see support?

Recently history tends to indicate that perhaps we will see an upswing in prices (like the last rise and fall from 05-06, so maybe this is near the bottom of the cycle?  Though it has dropped below its 52wk low now.

And amazingly, BLD and JHX still follow each other surprisingly well.


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## bigdog (7 December 2007)

Well BLD may rise again now!!

http://www.smh.com.au/news/Business/Building-materials-stocks-climb/2007/12/07/1196812995008.html

*Building materials stocks climb*
December 7, 2007 - 2:40PM

Shares in Australian building materials companies with exposure to the American housing market jumped on Friday after US President George Bush announced a mortgage relief package to help 1.2 million distressed home owners.

Shares in building materials company James Hardie Industries NV, which derives nearly 80 per cent of its revenue from the US, gained 19 cents or three per cent to $6.47 on the Australian stock exchange.

The rise is in stark contrast to the steady decline of the stock since the sub-prime mortgage meltdown began mid-year, falling from $8.90 on 19 July.

Boral Ltd, which also has US exposure, gained 12 cents or 1.9 per cent to $6.39, while CSR Ltd rose 11 cents or 3.7 per cent to $3.06.

ABN Amro Morgans director of equities in Brisbane Bill Chatterton, said the gain in building materials stocks was linked to the mortgage relief announcement in the US overnight.

"It (the announcement) affects housing stocks around the world," Mr Chatterton said.

"You would have to say there is a link there."

Mr Chatterton said it was difficult to tell whether the rise would be repeated next week.

"(On Monday) it could all be different, but you have got today a knee jerk reaction on that."

Other building material stocks to rise today included Fletcher Building Ltd, which was up 19 cents or 1.9 per cent to $10.30, while Brickworks Ltd gained nine cents to $13.10.

As part of the US deal, US Treasury officials with major industry participants would help struggling homeowners refinance sub-prime adjustable-rate loans or freeze the current interest rates for five years, Mr Bush said.

The program was unveiled amid fears a rising tide of home loan defaults would lead to a surge in repossessions and have a cascading economic impact.

The announcement led the Dow Jones US home construction index to gain 13 per cent - its biggest one-day jump in at least two years.


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## 3MT (11 December 2007)

Picked some up on the close today. I've taken the view that housing stocks have bottomed for now (based on policy announcements and broad recovery of housing stocks in the US). It will be a while before we see actual recovery in the US and NSW but stock prices factor in future expectations.

In case I'm wrong and this happens to be a dead cat bounce, I've got some got my trusty stop loss built in.


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## watsonc (11 December 2007)

Maybe you're right, but be careful. Bottom pickers more often than not end up with smelly fingers!

But your stop loss should do the trick.


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## 3MT (11 December 2007)

I normally wait for a sign of recovery, so I rarely buy at the lowest price unless I get lucky.

You are right bout trying to pick the bottom in general. Especially with stocks that have made a substantial profit downgrade, because things normally get worst before they get better.


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## 3MT (15 December 2007)

time to eat some humble pie. stop loss triggered. Looks to be a dead cat bounce after all....for now. Although JHX is holding up well.

Hate taking losses.


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## SGB (23 June 2008)

I have been shorting this one for a while now (sorry long-term investors) but I'm just starting to get some signals that it might be starting to turn around.

 It’s probably not the best time to be calling a major trend reversal but I do see the classic triple bottom and the 50% retracement is holding up quite well. Also the lows are a wee bit higher.

The $6.30 mark will have to be broken and substained if there is any substance to this patten though, which may be called a breakout, therefore I'll be on the sidelines watching closely.

These thoughts are only my opinion though as anything is possible / probable.

SGB


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## So_Cynical (5 March 2009)

Boral under $2.50 today for the first time in 8 years....i know a guy at work who opened 
his first broking account just so he could buy into this....couldn't help but notice the 
similarity's in the Boral and CSR charts...similar industry's i suppose, both down 
around 73% from there 2 year tops, similar Market caps too.

Anyone care to have a go at picking bottom?


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## wanlad1 (1 February 2010)

Shorted today lets see how this one goes


*Weekly chart break down*






*Not exactly on the brokers hot list*








*U.S SPX looks to travel further south tonight*


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## So_Cynical (26 September 2011)

So_Cynical said:


> *(5th-March-2009) Boral under $2.50 today for the first time in 8 years*....i know a guy at work who opened
> his first broking account just so he could buy into this....couldn't help but notice the
> similarity's in the Boral and CSR charts...similar industry's i suppose, both down
> around 73% from there 2 year tops, similar Market caps too.
> ...




Always surprises me how some of these really big, safe stocks seem to get almost totally overlooked on this forum, the last time i posted in this thread (2 posts up) it turned out to be about a week before the market bottom for BLD and many many other stocks.

Coincidence...of course. 

Today BLD caught my eye again (just as it did in early 2009) as the stock just seems to be trading at a ridiculously low price - all things considered....Boral has operations in over a dozen country's, very manageable debt, and multi currency exposure with a gross yield of close to 6% at today's price.

One of the few Aussie international success story's....with shares selling at 'end of the world' prices.
~


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## skc (27 September 2011)

So_Cynical said:


> Always surprises me how some of these really big, safe stocks seem to get almost totally overlooked on this forum, the last time i posted in this thread (2 posts up) it turned out to be about a week before the market bottom for BLD and many many other stocks.




You know exactly why big caps don't get the same following. With small speculative shares, people can dream that they found the next FMG, Apple or BHP. With big caps, their dreamy assumptions have to rely on every Australian owning 4 properties or something like that to net a 10-bagger...



So_Cynical said:


> Today BLD caught my eye again (just as it did in early 2009) as the stock just seems to be trading at a ridiculously low price - all things considered....Boral has operations in over a dozen country's, very manageable debt, and multi currency exposure with a gross yield of close to 6% at today's price.
> 
> One of the few Aussie international success story's....with shares selling at 'end of the world' prices.
> ~




IMO BLD is nothing more than a play on the overall economy, and probably a poor proxy at that with company specific risks. If one was to take a position on the overall economy I'd buy Big 4 (better yield) and BHP/RIO over any of the 'smaller' big caps. 

Unless of course there is something BLD is doing that will allow it to outperform the overall economy. But at present it hardly outperforms James Hardie (the one with all the asbestos and tax issues).


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## McLovin (27 September 2011)

So_Cynical said:


> Today BLD caught my eye again (just as it did in early 2009) as the stock just seems to be trading at a ridiculously low price - all things considered....Boral has operations in over a dozen country's, very manageable debt, and multi currency exposure with a gross yield of close to 6% at today's price.
> 
> One of the few Aussie international success story's....with shares selling at 'end of the world' prices.
> ~




I'd be interested in why you find BLD so compelling. From what I see it's revenue and EPS hasn't moved in 10 years, it's ROE is paltry and it's capital intensive. That it has used shareholder funds instead of debt is probably the only thing it has going for it.


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## Chasero (27 September 2011)

BLD has a really nice down trend.

Going to short this baby soon.


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## tech/a (27 September 2011)

Chasero said:


> BLD has a really nice down trend.
> 
> Going to short this baby soon.




I just love humor.


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## So_Cynical (7 June 2012)

Here we go again...Boral trades below $3.40 i post about it, and the last 2 times ive done that (my only 2 posts in this thread) the price almost immediately bounces...did it in 2009 and last year (see page 1) this stock is screaming buy me again...perhaps this time i will?

All things considered the company has to be in better shape than it was the last time it traded at this level?

Chart below showing my previous posts in red.
~


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## So_Cynical (15 June 2012)

So_Cynical said:


> Here we go again...Boral trades below $3.40 i post about it, and the last 2 times ive done that (my only 2 posts in this thread) the price almost immediately bounces...did it in 2009 and last year (see page 1) this stock is screaming buy me again...perhaps this time i will?




I entered BLD last Friday at $3.25 ~ placed the order Thursday night, then left early Friday for a little trip and found out yesterday that my buy order did get filled....the SP has held up well in the mean time.


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## Ves (27 June 2012)

So_Cynical said:


> I entered BLD last Friday at $3.25 ~ placed the order Thursday night, then left early Friday for a little trip and found out yesterday that my buy order did get filled....the SP has held up well in the mean time.



More bad news today.  Hard to believe they have cut their profit forecast by so much in just four months.

What are you plans with this one out of curiousity? It still looks like a dog to me! What is the catalyst for the share price turn-around in your eyes? 

It has $3.3 bil in equity, loads of debt on top of that and they can only make $100-120mil?  I think that's a return on equity of just over 3%.


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## McLovin (27 June 2012)

Ves said:


> More bad news today.  Hard to believe they have cut their profit forecast by so much in just four months.
> 
> What are you plans with this one out of curiousity? It still looks like a dog to me! What is the catalyst for the share price turn-around in your eyes?
> 
> It has $3.3 bil in equity, loads of debt on top of that and they can only make $100-120mil?  I think that's a return on equity of just over 3%.




A pile of debt, declining profitability and ~$400m of CAPEX this year.  Wouldn't surprise me if they're coming to the market cap in hand sometime this year.

CSR looks better of the two. Neither is particularly exciting though.

Just as a quick historical tidbit, I had a look through my family investment company's records just then, on the 16/10/1987 (great timing!) it bought BLD at $5.60. Over the period between 1987 and 2000 BLD was purchased at prices between $5.60 and $3.00. 25 years later and it's below its 1987 value, even with the benefit of a 20 year property bullmarket.


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## skc (27 June 2012)

Ves said:


> More bad news today.  Hard to believe they have cut their profit forecast by so much in just four months.
> 
> What are you plans with this one out of curiousity? It still looks like a dog to me! What is the catalyst for the share price turn-around in your eyes?
> 
> It has $3.3 bil in equity, loads of debt on top of that and they can only make $100-120mil?  I think that's a return on equity of just over 3%.




That NPAT included 2 property sales which brings in $20-$24m. BLD needs a pick up in residential construction... it's just hard to see that with house prices still high. They are a good recovery candidate but it has been a slow fall rather than plunge - so no capitulation yet... Now, what's the usual timeframe for a capital raising after a company announces that there is no need for one?

Actually the share price recovered remarkably today considering the 3rd profit downgrade counting the first at the HY... a easy short at above $3.20 imo.


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## McLovin (27 June 2012)

skc said:


> That NPAT included 2 property sales which brings in $20-$24m. BLD needs a pick up in residential construction... it's just hard to see that with house prices still high. They are a good recovery candidate but it has been a slow fall rather than plunge - so no capitulation yet... Now, what's the usual timeframe for a capital raising after a company announces that there is no need for one?
> 
> Actually the share price recovered remarkably today considering the 3rd profit downgrade counting the first at the HY... a easy short at above $3.20 imo.




Not only that, they earnt $67m before significant items in 1H. So they're profitability has halved in 6 months, excluding property sales. They're going to struggle to pay their interest if things don't pick up.


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## So_Cynical (27 June 2012)

Forecast Net Profit After Tax was $128 million to $153 million...and is now $115 million to $139 million with the property sales and $100 million to $110 million without...and the SP fell less than 2% 

http://www.boral.com.au/Images/common/pdfs/Media_Releases/ASX-Trading-Update-27062012.pdf

News Flash - times are tough and the building industry is getting hammered, the world is ending for the 5th or 6th time in the last 4 years...but of course it isn't actually going to end, building activity will pick up and the world will go on and Boral will do very nicely thank you.

As per usual i will stay in the trade and look to get a second parcel if the SP trades consistently below $2.90


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## notting (27 June 2012)

One thing that made me a little nervous was the caveat about selling the properties next to expecting that to be completed soon and no capital raising required in the short to medium term.  Leaves the door open for them to say, "Oh to our great surprise, the sale fell through and we are going to raise!"  Probably just jumping at shadows.


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## skc (27 June 2012)

McLovin said:


> Not only that, they earnt $67m before significant items in 1H. So they're profitability has halved in 6 months, excluding property sales. They're going to struggle to pay their interest if things don't pick up.




Total debt is $1.76B with the average interest something like 6.3% (just eyeballing the table on p.17 of the HY numbers) brings the interest bill to $110m pa. Over $1b of the debt is in $USD so any weakness in $Aud will increase servicing burden further (and they don't have a natural hedge with only a fraction of their income in US). $260m of the debt is due in 2012. 

So.. FY12 NPAT say $105m, less $20m from property sale = $85m. H1 was $67m so H2 is only $18m... Add back 30% tax gives PBT of $26m. H2 interest bill is $55m so EBIT = $81m. Interest / EBIT = 1.47. Hmm... I wonder what the debt convenents say wrt interest cover but you'd think there isn't a lot of headspace at the moment. 

Looking at their cash... Cash in hand at H2 was $214m. No idea what cash the property sale will bring in but let's say $100m. $400m cap ex earmarked for FY12 of which only $170m has been spent in H1. H1 operating cash flow is only $1.7m even though EBITDA in H1 was $237m. 

So... cash at end of FY12 = $214 + $100 (asset sale) - $230 (cap ex) = ~$84m + whatever H2 operating cashflow is. The debt due is a concern but if they can just refinance they may not need additional capital. But things are certainly looking stretched for the times.

Iif I can work all this out in 10 minutes, I'd say they should raise a bit of money while the share price is still north of $3. Or a hedge fund or two will go on a shorting spreed... They only have an acting CEO so may be they will wait a couple of months after the new CEO is put in place.


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## skc (27 June 2012)

So_Cynical said:


> Forecast Net Profit After Tax was $128 million to $153 million...and is now $115 million to $139 million with the property sales and $100 million to $110 million without...and the SP fell less than 2%
> 
> http://www.boral.com.au/Images/common/pdfs/Media_Releases/ASX-Trading-Update-27062012.pdf




Read it again, So_C. $100-$110 _including _the profit from the asset sale. The $115-$139m are analyst forecasts.



So_Cynical said:


> News Flash - times are tough and the building industry is getting hammered, the world is ending for the 5th or 6th time in the last 4 years...but of course it isn't actually going to end, building activity will pick up and the world will go on and Boral will do very nicely thank you.
> 
> As per usual i will stay in the trade and look to get a second parcel if the SP trades consistently below $2.90




Considering saving that money for the cap raising...


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## So_Cynical (28 June 2012)

skc said:


> Read it again, So_C. $100-$110 _including _the profit from the asset sale. The $115-$139m are analyst forecasts.




Ah yes i see..so begs the question, why didn't the SP fall harder? it really should of...perhaps it was to be expected as we all know that building is very much in the doldrums, both here and in the US.




skc said:


> Considering saving that money for the cap raising...




I've gone back to my old position sizing policy (risk sizing) so can probably afford both..but i do like to buy in after a cap raising at a discount.


----------



## skc (10 July 2012)

skc said:


> Actually the share price recovered remarkably today considering the 3rd profit downgrade counting the first at the HY... a easy short at above $3.20 imo.




Got a short in finally at $3.18. Stop @ $3.25.


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## skc (20 July 2012)

skc said:


> Got a short in finally at $3.18. Stop @ $3.25.




Well that didn't work out too well. Closed at $3.21 

I always trade badly when I think I can ride this for months all the way down to $2. May be I'd learn one day.


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## So_Cynical (3 October 2012)

So_Cynical said:


> (15th-June-2012) *I entered BLD last Friday at $3.25* ~ placed the order Thursday night, then left early Friday for a little trip and found out yesterday that my buy order did get filled....the SP has held up well in the mean time.




Trade #101 completed today with the exit of 70% of my original capital, realising a 19.74% trade profit for holding 117 days....i have called bottom in this stock 3 times over the last 5 years and been proven right 3 times and yet only profited once.

Boral is a great company with a great global business and as such is a great stock to hold if your building a portfolio and revenue stream via a low cost entry and averaging strategy like me.
~


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## skc (3 October 2012)

So_Cynical said:


> Trade #101 completed today with the exit of 70% of my original capital, realising a 19.74% trade profit for holding 117 days....i have called bottom in this stock 3 times over the last 5 years and been proven right 3 times and yet only profited once.
> 
> Boral is a great company with a great global business and as such is a great stock to hold if your building a portfolio and revenue stream via a low cost entry and averaging strategy like me.
> ~




Goldman has been blowing the trumpets of a US housing recovery for months and has driven up both JHX and BLD. Balance sheet is still stretched imho... they should really raise a few bucks now that the share price is edging $4, just in case the recovery is slow / not forthcoming.


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## notting (11 March 2013)

You'd think there was a housing boom not a mild Fed fed US recovery.
BLD, JHX, CSR all up masively over the 9 months or so.
Looking to short the peaks.


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## skc (11 March 2013)

notting said:


> You'd think there was a housing boom not a mild Fed fed US recovery.
> BLD, JHX, CSR all up masively over the 9 months or so.
> Looking to short the peaks.




CSR issued profit downgrade yet the sell-off lasted only half a morning... I agree the these building material stocks feel like good short candidates. But they just don't bloody fall!

They do offer good leverage to a housing recovery, and small increase in volume can turn the profit dial quite quickly... it's just hard to buy at these levels.


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## So_Cynical (11 March 2013)

skc said:


> it's just hard to buy at these levels.




Absolutely impossible for me  but clearly someone is buying, maybe everyone's using stops now :dunno: maybe its all the wannabe trend followers coming out of the closet. :dunno: i really do need an IB account.

----------------

My remaining BLD shares now in profit to the tune of 58.27% how sweet is that!


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## Gringotts Bank (29 May 2013)

BLD might crack 4.5$ here.  Bullish for shot term if it does, imo.


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## rbgmauq (30 May 2013)

looks like it's basing for a move higher. six months target: 5.612


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## Gringotts Bank (5 June 2013)

I made a few cents on that.  Looks like a good short now.


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## So_Cynical (28 August 2013)

Bought a parcel today at the open @ $4.11, Boral is still a great stock and still a stock i want to hold and build a position in, also keen to hold BLD because i can write CC options over it...im loving my new IB account. 

My average price is now $3.67 the joys of holding a cheap parcel.


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## So_Cynical (19 September 2013)

So_Cynical said:


> (28th-August-2013)Bought a parcel today at the open @ $4.11, Boral is still a great stock and still a stock i want to hold and build a position in, also keen to hold BLD because i can write CC options over it...im loving my new IB account.
> 
> My average price is now $3.67 the joys of holding a cheap parcel.




Less than 1 month later and Boral went through $4.90 today...phenomenal turn around, i wrote Oct $4.60 calls over my stocks thinking i was safe not to get called away.


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## So_Cynical (30 November 2013)

Yippy my $5 call options expired worthless yesterday...and so i get to write $5.50 call options on Monday.


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## piggybank (12 February 2014)

Up 9% today on higher than normal volume. Obviously the market liked the results from the 1st Half 2014 presentation today...

http://stocknessmonster.com/news-item?S=BLD&E=ASX&N=781847


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## So_Cynical (12 February 2014)

So_Cynical said:


> Yippy my $5 call options expired worthless yesterday...and so i get to write $5.50 call options on Monday.




Yer well i ended up writing $5 Feb Calls  so missed out on a few dollars there...playing with options is so nickel and dimey...and so ends my investment with Boral.


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## pavilion103 (18 February 2014)

I have a pending buy on this one.
A nice little consolidation setup


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## Valued (18 February 2014)

pavilion103 said:


> I have a pending buy on this one.
> A nice little consolidation setup




On my screen this stock looks to have gone through a high volume breakout. Do three bars really make consolidation? What consolidation are you referring to? The trading range on the left prior to the breakout?


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## pavilion103 (18 February 2014)

One of my types of setups is micro consolidations. Similar to GEM which pushed up yesterday. 

You're right, I shouldn't use the term consolidation so loosely because in this case people would be confused as to what in referring to!


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## pavilion103 (4 March 2014)

A really nice consolidation now. 
This one may be worth a trade. 
I really like the setup.


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## pixel (4 March 2014)

pavilion103 said:


> A really nice consolidation now.
> This one may be worth a trade.
> I really like the setup.




Same here, Pav.
Sadly, I didn't act on those previous buy signals in December and early February.


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## pavilion103 (5 March 2014)

The breakout


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## SuperGlue (26 January 2015)

Will this be the start of decline for the brick-making/building industry?
Printing a five level unit in five days.

If this takes off, which it definitely will, it will change the whole building and property industry.
Imagine the chain re-action of losses to the brick-making/building industry and affiliated industries

New product perhaps for CSR & Boral production of gooey stuff for the 3D printers.

http://news.domain.com.au/domain/re...block-20150122-12vkri.html?rand=1421894371139

Whats next?


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## So_Cynical (31 October 2016)

Boral - one of those solid unspectacular stocks that just keeps on giving, 100% franked with a 3.5% yield, beautiful 5 year chart, got to 6.08 today right on that bottom trend line.
~


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## dutchie (22 December 2016)

BLD recently had a Retail Entitlement Offer.
Before the trading halt I was short using CFD's
After announcement the shares dropped to offer price of $4.80 per new share.
You beauty, covered my short at a nice profit.
Unfortunately I have been assigned the share entitlement, but *short* (at the price of $4.80). i.e. I am short x shares at $4.80). Now have a loss on my holdings with BLD as the price went up.
Did not know this could happen. 
CFD traders beware.
(Anyone care to make a comment whether this is right or not?)


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## skyQuake (22 December 2016)

dutchie said:


> BLD recently had a Retail Entitlement Offer.
> Before the trading halt I was short using CFD's
> After announcement the shares dropped to offer price of $4.80 per new share.
> You beauty, covered my short at a nice profit.
> ...




Same with a regular short. The person you borrowed stock from expects the entitlement, however they are no longer on the register since you've sold their stock. To make them whole, you owe them the entitlement to the tune of 1 entitlement for every 2.222 share shorted.
*The entitlement is essentially a call option*
In these situations its a bit tricky - you can buy stock to hedge, however if the stock drops you're long and losing money and they don't exercise their entitlement. If the stock goes up you're fully hedged. (exactly the same scenario as being short a call option)


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## dutchie (22 December 2016)

skyQuake said:


> Same with a regular short. The person you borrowed stock from expects the entitlement, however they are no longer on the register since you've sold their stock. To make them whole, you owe them the entitlement to the tune of 1 entitlement for every 2.222 share shorted.
> *The entitlement is essentially a call option*
> In these situations its a bit tricky - you can buy stock to hedge, however if the stock drops you're long and losing money and they don't exercise their entitlement. If the stock goes up you're fully hedged. (exactly the same scenario as being short a call option)




Thanks for that explanation skyQuake.


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## greggles (24 April 2018)

Boral punished today after announcing a property earnings and trading update. Lower expected earnings from Boral North America has sent the BLD share price down around 8.5% and is currently trading at $6.89.


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## peter2 (27 April 2018)

I've placed BLD on my reversal watch-list. I've drawn a support line that must not be broached. If price closes below this line. BLD goes into the scrap heap. 

BLD has been a good provider for medium term swing traders over the past two years. The recent drop in earnings were caused by adverse weather in several regions rather than any management mistakes. I'm more forgiving in these circumstances and will wait for an acceptable RR setup on the daily chart.


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## Darc Knight (8 May 2018)

Roger Montgomery says Boral to be a big beneficiary of the infrastruce spending EXPECTED in tonight's 2018 Budget. Bit late to advantage of it now I guess, thought I'd post it anyway just in case it helps.


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## luutzu (8 May 2018)

Darc Knight said:


> Roger Montgomery says Boral to be a big beneficiary of the infrastruce spending EXPECTED in tonight's 2018 Budget. Bit late to advantage of it now I guess, thought I'd post it anyway just in case it helps.




Now might not be late, but could be too early.


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## BlindSquirrel (26 August 2019)

Down 20% today! Market rockiness combined with a negative forecast on next year's earnings.
$4 is a mighty tempting price!

Ex dividend date is 30th of August for 13.5c.


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## sptrawler (26 August 2019)

BlindSquirrel said:


> Down 20% today! Market rockiness combined with a negative forecast on next year's earnings.
> $4 is a mighty tempting price!
> 
> Ex dividend date is 30th of August for 13.5c.



It sounds as though the Federal Government, is going to start and roll out a stimulus package in October, so it may bode well for Boral.
I don't hold Boral.
https://www.smh.com.au/politics/fed...e-buybacks-and-dividends-20190825-p52kki.html
From the article:
Mr Frydenberg's speech will include a promise to make productivity an agenda item at the next meeting of state and federal treasurers in October. He will also reveal the government is actively considering which projects from its $100 billion 10-year program can be brought forward to stimulate the economy.


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## bigdog (26 August 2019)

still down 20%


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## JTLP (26 August 2019)

Can anyway tell me what Boral do now after they sold the brick business? Is it just building supplies?


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## Garpal Gumnut (26 August 2019)

JTLP said:


> Can anyway tell me what Boral do now after they sold the brick business? Is it just building supplies?



They do SFA.

In an environment where Infrastructure projects are coming on board by the $100m and one cannot travel more than 40k on a major highway in Australia without having to slow to 60kph or 40kph because of roadworks, BLD, Boral, (The Muppets) have been devalued today by 20%.

The so-called Institute of Company Directors needs to run a spelling test over Directors who can waste so much shareholder's capital in so short a time. 

Muppets all of them. 

gg


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## So_Cynical (26 August 2019)

Back to post GFC lows and it's not the same business it once was, much higher US earnings now - however if one believes that we are well into 
a low growth phase that may last for decades then Boral isn't the sort of business that you want to own, under 4 bucks is crazy tempting though.
~


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## bigdog (6 December 2019)

ASX announcement late yesterday 5/12/2019 5:36:13 PM Boral's North American Windows business (uploaded)

The share price is currently down 5.69% 

Late yesterday Boral announced that it has identified certain financial irregularities in its North American Windows business. This includes the misreporting of inventory levels and raw material and labour costs.












973


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## bigdog (10 February 2020)

ASX announcement 10/02/2020 8:54:31 AM  * Boral Update* (uploaded below)

Share price currently down 10.49%

Update on Boral’s North American Windows business
The investigation determined that finance personnel within the Windows business manipulated
accounts and financial statements primarily to artificially inflate the overall profitability and health of
the Windows business. The investigation found no evidence that the manipulations were to hide
systematic theft of raw materials or finished goods inventory. The misconduct occurred over an
approximately 20-month period to the end of October 2019.

The employment of both the Vice President Finance and the Financial Controller in Windows have
been terminated

Impact on FY2020 and prior year results
Pre-tax earnings were overstated by a total of US$24.4 million between March 2018 and October
2019. This is in line with Boral’s preliminary estimated impact on earnings before interest, tax,
depreciation and amortisation (EBITDA) of ~US$20 million to US$30 million. In addition, legal and
associated investigation costs incurred in the first half are around US$1 million.

Update on 1H FY2020 Results and FY2020 Outlook Guidance
Boral’s Net Profit After Tax (NPAT) before significant items for the six months ended 31 December 2019 is $156 million, subject to completion of the auditor’s interim review.

Excluding the impact of the new IFRS leasing standard (AASB 16), Boral’s NPAT1 of $159 million is 18% below the restated 1H FY2019 NPAT1 of $192 million.

An interim dividend of 9.5 cents per share (50% franked) will be paid on 15 April 2020,
representing a payout ratio of 71%.

FY2020 Guidance and Outlook
Boral expects its FY2020 EBITDA to be down relative to FY2019, with lower reported EBITDA in all three divisions.

Together with higher depreciation charges, this translates to an expected NPAT1 range of around $320-$340 million for FY2020, which compares with a restated FY2019 NPAT of $420 million after adjusting for Windows misreporting.

An accounting scandal and five profit downgrades in 20 months gave Boral chair Kathryn Fagg no choice but to bring forward Mike Kane's retirement.

Boral has confirmed that the profit hit from an accounting scandal in its North American windows business will have the effect of wiping $US22.6 million from pre-tax earnings across the 2018 and 2019 financial years.






444


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## BlindSquirrel (10 February 2020)

sounds like a buying opportunity!


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## The Grinch (30 April 2020)

Good day for boral today, hope it keeps moving.


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## Trav. (14 June 2020)

Like a lot of stocks BLD's SP suffered over the last few trading days ( ~ -9% ) but finished strong on Friday and system has flagged it as a buy.

Just watching for pull back to be confirmed but with the recent government building bonus scheme announced I think that this company and others in the sector have a chance to continue some sort of a SP recovery


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## Dona Ferentes (14 June 2020)

There's a story on relative valuations; JHX versus the rest of the building sector.   Based on views of a longer term investor. Not sure the market will reprice quickly, though.

https://www.sharecafe.com.au/2020/06/09/3-companies-showing-significant-value/



> During May we have witnessed an extraordinary event in the space. For the first time ever, James Hardie’s (ASX:JHX) enterprise value (market cap + net debt) now equals the COMBINED enterprise value of its peers Boral, Fletcher Building, Adelaide Brighton and CSR. This is remarkable given as recently as Feb-19 these companies were twice the size of JHX. In 2008 these companies were almost 7x the size of JHX. These figures exclude the circa A$1.5b asbestos liability that James Hardie carries. Including this further inflates JHX’s value relative to the peer group by c12% ...


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## peter2 (28 September 2020)

debtfree said:


> I'd dare say you would have been all over BLD's BO-HR @ 4.00 this morning @peter2.




A post to record that @debtfree  noticed this BO-HR opportunity at the correct time.


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## Dona Ferentes (23 October 2020)

from Sandon Capital , an investor in Boral


> During September, we made public a presentation that outlines our investment thesis for BLD.  We argue that while most investor attention is focused on the sale of BLD’s underperforming US assets, the Australian businesses contain significant hidden value.  We argue that the Australian constructions materials business, which includes aggregates used in making concrete, holds a unique and privileged position in its key markets which affords it the opportunity for pricing power.





> In the past, we believe the company may have forsaken price for volume when it was unnecessary. We also highlighted the value of BLD’s property assets and its landfill royalty.  These assets are of significant value and we believe the company should consider a functional separation of these assets with a view to ultimately demerging them at an appropriate time.





> BLD has performed terribly in the past and is under pressure.  A new CEO has taken the reins and the Board is changing.  At the same time, the results of a portfolio review are due soon.  Market consensus expects the review will announce a process to sell most of its US assets.  We will be paying close attention to any comments made about pricing strategy and property/royalty assets.


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## Dona Ferentes (10 May 2021)

and now ....  *Seven makes a move.*

(first one for new kids on the block : _Barrenjoey Capital Partners is acting as financial adviser and Allens is acting as legal adviser to SGH in relation to the Offer. _)

SGH today announces a $6.501 cash per share off-market takeover offer ("Offer") for all of the ordinary shares it does not own in Boral. The Offer will be made by Network Investment Holdings Pty Limited, a wholly owned subsidiary of SGH. SGH currently has an interest in approximately 23.18%2 of Boral. Given that its interest exceeds 20% and that it has recently utilised its "creep" capacity by acquiring an additional 3% interest, SGH is currently restricted from acquiring further Boral shares on market at this time. As a result, SGH is making a takeover offer to all shareholders. In making the offer, SGH is seeking to increase its interest in Boral and would be satisfied for the Offer to result in it holding a total interest of around 30% of Boral. 

The market didn't shift the BLD price .... still $6.50. This may flush out some nervous nellies


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## sptrawler (10 May 2021)

Dona Ferentes said:


> and now ....  *Seven makes a move.*
> 
> (first one for new kids on the block : _Barrenjoey Capital Partners is acting as financial adviser and Allens is acting as legal adviser to SGH in relation to the Offer. _)
> 
> ...



Seven can't do a worse job of running Boral, than their management has over the years, I owned them a long, long time ago and gave up on them. They sit slightly above AMP and slightly below STO, in my worse shares ever portfolio. 😂


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## Flam (25 June 2021)

Hi Folks,



Boral have been undervalued for some time. It’s just crazy that they’ve languished around $6 for most of the year since the recovery. I don't know if anybody seen Alan Kohler's assessment of Boral last year. He pointed to the value in their property portfolio and the strength they have in the stranglehold position on Australian construction industry resources. His opinion is an opinion that I fully agree with. Though I think Kohler’s valuation is far under the actual value of Boral shares, at least if Boral keep the company's existing assets, and start developing those assets, I believe it’s Boral to $12. I’ll explain that in a bit. It's in the Boral Board's interest not to offer an upper value of the shares, it'd only be used as a stick to beat themselves with, and they are not hawking themselves looking for an investor.

The only way is UP for Boral but... The share price doesn't reflect the value, why? last year’s Covid bump notwithstanding, Boral have had some crap going on and the new CEO is already dumping non-performing debris. Both Boral and Stokes have undervalued the stock, and Boral's $8.25 to $9.40 is also a croc. Stokes has now made a second low ball (not bullish but Bullsh*t) offer of $7.40 with perks, Ha, what a joke. Pretty much the low-ball offer of the year.



If he gets away with it Stokes will buy the company for a song, separate out the property portfolio and sell on a much less valuable company. If Stokes offered $9 a share it would be a fair offer, and one that shareholders should consider, but 7.40 is a joke, even 8.40 is a low ball. That he's offering 7.40 now where he previously offered 6.40 shows he'll low ball his way to a win. Like that guy who just hopes if he asks enough the girl will give in and go on date.

That said....Having withheld the interim dividend payment Boral need to offer shareholders something real. Boral's CEO needs to show his hand around the dividend, explaining Boral's intention re a fully franked dividend. Boral have had a 3.6 billion injection and they can offer share dividends at $0.15 - $0.20 fully franked. It's affordable and it would push shares to a better, real valuation of $8.50 to $9.20, something the Boral Board should consider lest they want to be on the end of a shareholder revolt, and a protest sale. Fending off Stokes’ insulting and cheap low-ball offer might be easy for now, but that might not continue. A strong dividend action would secure the full support of shareholders going forward.


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## Dona Ferentes (7 July 2021)

Kerry Stokes will pay $7.40 for Boral shares after acquiring 34.5 per cent of the building products supplier, and analysts say he'll eventually take full control of the company.


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## Tommy Shelby (13 September 2021)

I sold out at $7.33 but now I'm wondering if it's worth going back in now that it's pulled back to $6

SVW holds 70% of BLD but can't see anything about them acquiring the entire company though I'm sure I'm missing something.


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## divs4ever (13 September 2021)

they MIGHT  go for a compulsory acquisition   , that is possible  if the top ten shareholders own a large chunk of the company 

 but then again  they might be happy with a majority control  subsidiary 

 i don't think there is any time limit to a compulsory acquisition move,   just share-holder approval 

  and not much to stop them slowly buying up extra shares  on market when the price drops

 ala the Ms Rinehart takeover of AGO ( Atlas Iron )









I


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## peter2 (5 October 2021)

After all the corporate shenanigans I think there's an acceptable RR reversal setup on *BLD *now. I read rumours about a possible return of capital after a sale of a US business.


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## Tommy Shelby (6 October 2021)

Latest release - $3b surplus capital after sale of the North American business


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## divs4ever (6 October 2021)

will be interesting to see how they manage that when  Seven Group/Australian Capital Equity  hold more than 69% of the company  and the market cap. is around $8.5 billion 

 normally a share buyback or capital return payout would be expected  , but with a majority stake-holder/declared predator


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## KevinBB (6 October 2021)

I don't own Boral, but somehow think I should have bought some when they dropped below $6 just recently. I don't think that Seven will want to be reporting Boral separately for too long. Companies like Soul Pattinson can hold very large percentage holdings in other listed companies for a long time, but I don't think Seven can.

1 reporting season, 2 at the most, is my best guess at when Seven will say "_enough is enough_" and just pay up for the balance.

KH


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## KevinBB (31 December 2021)

The old Boral that couldn't stop spending its shareholders' money on trophy projects has gone. It is now a trimmed down cash cow controlled by an astute majority shareholder.

I can't see the majority shareholder allowing the company to disperse all that cash to the general public. Besides, just think of all that extra accounting and compliance that has to be allowed for with an ASX listed subsidiary.

The majority and controlling shareholder won't be able to put up with all this for too much longer. They will eventually decide to pay up, and take control over all that built up cash, so it is #2.5 (there was a tie for second place with WBC) in my selections for the 2022 Full Year Tipping Competition.

KH


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## divs4ever (11 February 2022)

11 February 2022
Boral completes sale of North American Fly Ash business
Boral Limited (ASX: BLD) today announced completion of the sale of its North American Fly Ash business to
Eco Material Technologies Inc for US$755 million1 (A$1.05 billion2
).
After completion adjustments, proceeds on sale total ∼A$9602 million, excluding US$20 million to be received
over the next two years, and prior to payment of US income tax and transaction costs expected to total
A$85–$95 million2
.
Boral’s CEO & Managing Director, Zlatko Todorcevski, said:
“The divestment of Fly Ash marks the completion of our divestment program and realigns our business
portfolio. It follows the recent sale of our North American Building Products and 50% owned Meridian
Brick businesses, and Australian Building Products businesses.
“Our strategy is to focus on our leading position as an integrated construction materials manufacturer
and supplier in Australia, build on our competitive advantage and improve our performance and
profitability to deliver higher returns for shareholders.”
Following receipt of the Fly Ash proceeds Boral will, after considering any reinvestment opportunities,
determine how to apply any surplus in accordance with its Financial Framework. 

DYOR

i do not hold this share ( i got out in August 2017 @ $7.02 )

i DO hold SVW


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## StockyGuy (27 July 2022)

Now at $2.70.  Any other knife handlers been thinking of this one for a long term contrarian play?  I hold none at moment.  With various threats to the building industry (rising interest rates, and also possibly the W@H phenomenon) there's reason for concern;  but I'm often optimistic about an eventual turnaround for the seasoned old survivors of Australian industry.  My sentimentality regarding the old companies, many just limping along, is, however, probably a character flaw.

DYOR


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## KevinBB (27 July 2022)

@StockyGuy See my post just above. I still believe that it is a long term takeover play, so caught that knife back in the middle of June.

I am with you in that the building industry doesn't look too good at the moment, there are political issues at play as well. I'm a sucker for punishment, so plan to hold for a while yet.

KH


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## divs4ever (27 July 2022)

the question with BLD is ... will SVW/Stokes  complete the total take-over  OR  revamp it  and demerge it again   ( or keep it long term  as it currently is .. tidied up , of course )

 i hold SVW  ( and am still wondering if i should buy back in  in case Stokes does a scrip deal  giving SVW shares  in exchange )

 otherwise i have  CSR ( 'free-carried ' ) BKW and WGN  to get some construction  exposure  , so am thinking and watching


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## barney (29 December 2022)

BLD is one of my "yearly comp" picks. Long time in the doldrums chart wise. 

Lots of "building" going on according to m8 builder friends. SP can only go up from here    (Deep analysis on my part, lol)


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## divs4ever (29 December 2022)

barney said:


> BLD is one of my "yearly comp" picks. Long time in the doldrums chart wise.
> 
> Lots of "building" going on according to m8 builder friends. SP can only go up from here    (Deep analysis on my part, lol)



IN THEORY Stokes/SVW should buy up the 30% stake they do not already own , but when  ( it might be a decade like with LEI/CIM and Hotchief ) and how much  are the questions ( i have seen no answer to )

 good luck  maybe this ( 2023 ) is the year


----------

