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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Boral Limited    BLD   AU000000BLD2

BORAL LIMITED

(BLD)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 02/25
4.76 AUD   -2.46%
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Boral : agrees to sell Midland Brick in line with strategy

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08/22/2019 | 09:33pm EST

ASX RELEASE

23 August 2019

Boral agrees to sell Midland Brick in line with strategy

Boral Limited (ASX:BLD) today announced that it has entered into an agreement with a Western Australian consortium to sell its Midland Brick business, including ~800 hectares of associated landholdings, for $86 million1, subject to customary completion adjustments.

The Western Australian consortium consists of Linc Property, Birchmead (a part of the CFC Group) and Fini Group.

Proceeds from the sale will be used to reduce debt and fund strategic growth opportunities.

Mike Kane, Boral's CEO & Managing Director, said that the sale was consistent with the Company's strategy of focusing on construction materials in Australia and reducing exposure to bricks globally.

"Our focus in Australia has been to continue to invest in our leading integrated construction materials business, where we supply materials to residential, commercial and infrastructure building and construction markets across all states and territories," Mr Kane said.

"Having divested our 40 per cent stake in the CSR Boral Bricks joint venture in 2016, the sale of Midland Brick completes our exit from bricks in Australia, for combined proceeds of around $215 million over the past three years.

"We have owned and operated Midland Brick for close to 30 years and we recognise and value the contribution the business has made to the Boral Group over that time. We also recognise the iconic and much-loved position that the Midland Brick Company has had in WA for 73 years. We are confident that this change of ownership will strengthen Midland Brick's prospects for the future, which is great news for customers and our local staff."

The new owners intend to focus on further strengthening Midland Brick's position, as a locally-owned, sustainable business with a proud record of serving the WA building industry for over 70 years.

The new owners expect to undertake an orderly redevelopment of surplus lands, helping to focus Midland Brick's operational footprint, and substantially improve the local amenity.

The transaction is expected to complete by the end of this calendar year, or soon after, and is subject to a number of customary pre-closing conditions (including third party consents).

____________________

For more information:

INVESTORS: Kylie FitzGerald, 02 9220 6591 or 0401 895 894 or kylie.fitzgerald@boral.com.au

MEDIA: Luis M Garcia (Cannings) 0419 239 552

Boral Limited ABN 13 008 421 761 - PO Box 1228 North Sydney NSW 2059 - www.boral.com

1 Boral's net proceeds are expected to be around $82 million, following adjustments to working capital and other completion adjustments, which is broadly in line with book value

Disclaimer

Boral Limited published this content on 23 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2019 01:32:04 UTC

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Financials (AUD)
Sales 2020 5 813 M
EBIT 2020 526 M
Net income 2020 302 M
Debt 2020 2 518 M
Yield 2020 4,01%
P/E ratio 2020 18,3x
P/E ratio 2021 16,0x
EV / Sales2020 1,42x
EV / Sales2021 1,30x
Capitalization 5 721 M
Chart BORAL LIMITED
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Technical analysis trends BORAL LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 9
Average target price 5,00  AUD
Last Close Price 4,88  AUD
Spread / Highest target 23,0%
Spread / Average Target 2,37%
Spread / Lowest Target -18,0%
EPS Revisions
Managers
NameTitle
Michael Kane Chief Executive Officer, Executive Director & MD
Wayne Manners President & CEO-Boral Australia
Kathryn J. Fagg Non-Executive Chairman
Ross Harper Group President-Operations
Rosaline Ng Chief Financial Officer
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