Citi slashes PT on Australia's Brickworks after North America impairment

Brickworks

11/03/2025 19:16

** Analysts at Citi lower price target on Australia's Brickworks BKW.AX to A$32.5 from A$36.6

** The firm, in which Washington H Soul Pattinson is the biggest investor, said on Tuesday it expects an A$55 mln ($34.66 mln) impairment at its North America business due to poor performance for 1H

** Brokerage notes that the impairment reflects a 15% pre-tax writedown to the net tangible asset for BKW's building products segment

** Citi hails BKW's earnings outlook and says property business is a much bigger driver of co's value; retains "buy"

** Says share price drag on Tuesday was "unwarranted"

** Stock down 7% YTD

($1 = 1.5868 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)

 ((Rishav.Chatterjee@thomsonreuters.com))