NZ's Fletcher falls as brokerages sees 'gradual' recovery in co's market share

Fletcher Building

25/06/2025 04:39

** Fletcher Building FBU.NZ falls 2.4% to NZ$2.9, lowest since February 10

** Morningstar sees fewer house settlements, concrete sales weighing on construction materials maker's earnings

** Now estimates adjusted EBIT of NZ$372 mln ($224.5 mln) for FY25, below earlier estimate of NZ$411 mln

** Trims PT by 4% to NZ$2.6

** Expects gradual recovery in co's retail market share despite lower interest rates paving way for higher residential sales

** However, Jefferies sees co's absolute net debt target "prudent", with potential asset sales, value realisation key catalysts for gradual recovery

** Estimates FY25 adjusted EBIT to be between NZ$386 mln-NZ$391 mln vs previous estimate of NZ$386 mln

** YTD, FBU up 1.8%

($1 = NZ$1.6567)

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))