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BKW - Brickworks Limited

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Market Matters afternoon report Thursday:

Brickworks Ltd (BKW) $28.52
BKW +7.22%: was up today on better than expected full-year results. The primary driver of the rally was higher-than-expected property revaluations (circa. 40%) which pushed industrial rents up.
Results for FY24:
  • Net profit on the year was down 88% to $61.2m however importantly was a big beat to expectations of $25.4m
  • Dividend increased 3% to $0.43 – continuing the streak of BKW growing its dividend every year since 1976
The business is temporarily closing plants in North America and Australia this fiscal year to control inventory however, this is a short term decision to also push through some maintenance. As we wrote in our piece this morning on James Hardie (JHX), we see volumes picking up in calendar year 2025, and continue to like the look of BKW to take advantage of improving trends.

NOt Held
 
i hold BKW ( and SOL ) and was amazed at the market reaction

i was half-expecting a return to $10 ( where i bought in 2012 )

nice to see they are using the closures to upgrade/repair plant , i guess BKW will have to make the best of their alternative investments ( property development and investments in other companies , watch out for a major construction down-turn in Australia

wild card might be the fate of the brick-making arm of recently taken-over CSR , which might be flogged off , or starting some sort of price war
 
Bigdog 2025 Tipping Note

BKW as a high delta exposure to interest rate cuts and by extension a stock to own as we edge closer to the cycle pivot point
 
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