Morningstar retains positive long-term view for Australia's Boral

Boral

20/11/2023 20:11

** Analysts at Morningstar retain their longer-term view for
Boral  BLD.AX  after the building materials maker upgraded its
FY24 earnings forecast amid increasing demand across mining
sector
    ** Brokerage retains fair value estimate of A$4.25/shr, but
says shares are somewhat overvalued at present
    ** BLD upgraded its fiscal 2024 earnings before interest and
tax forecast by around 10% to A$300 mln ($195.24 mln) - A$330
mln
    ** Despite cyclically weakening macroeconomic conditions,
Boral's product demand is expected to be underpinned by factors
like higher interest rates, robust mining construction activity,
among others - Morningstar
    ** Three of 11 analysts rate stock "buy" or higher, 4
"hold", 4 "sell" or lower; median PT is A$5.00 - LSEG data
    ** Stock up 73.7% YTD, as of last close

($1 = 1.5366 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))