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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 - 02/28
4.52 AUD   -3.21%
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Boral : sells US Block business for US$156 million

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10/16/2018 | 05:43pm EST

ASX RELEASE

17 October 2018

Boral sells US Block business for US$156 million

Boral Limited (ASX:BLD) today announced that it has agreed to sell its US Block business to Quikrete Holdings, Inc. for US$156 million, subject to customary completion adjustments.

Boral's CEO & Managing Director, Mike Kane, said that while the Block business has performed well, Boral is focusing on its core building products and fly ash businesses in North America, its gypsum-based wall and ceilings business in USG Boral and construction materials in Australia.

"The Block business in Texas is an attractive business and under Quikrete's ownership, the business is well-positioned to continue to perform strongly.

"For Boral, this divestment helps to further strengthen our balance sheet and our focus on core operations. It is particularly helpful as we continue to assess the alternatives relating to the future ownership of our USG Boral joint venture.

"As we have previously indicated, following the merger agreement that has been announced between Knauf and USG Corporation, we are now considering whether to return to 100% Boral ownership or form an expanded joint venture. We have indicated that our preference is to fund any transaction in relation to USG Boral through debt and asset sales, so this divestment is well-timed and a pleasing outcome."

The sale is expected to complete around mid-November 2018, subject to regulatory approval.

Boral has owned the US Block business since May 2017 through the acquisition of Headwaters.

On completion, we do not expect a material after tax profit or loss on sale of the business. This is still subject to customary final working capital adjustments and foreign exchange impacts. Any profit or loss on sale will be recognised as a significant item in FY2019.

Deutsche Bank acted as Boral's financial advisor on the deal.

Contact information:

Mike Kane

Kylie FitzGerald

CEO & Managing Director

Investor & Media Enquiries

+61 2 9220 6455

+61 2 9220 6591 / 0401 895 894

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

Disclaimer

Boral Limited published this content on 17 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 October 2018 21:42:05 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 4,19%
P/E ratio 2020 17,5x
P/E ratio 2021 15,3x
EV / Sales2020 1,34x
EV / Sales2021 1,23x
Capitalization 5 299 M
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Technical analysis trends BORAL LIMITED
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 9
Average target price 5,00  AUD
Last Close Price 4,67  AUD
Spread / Highest target 28,5%
Spread / Average Target 6,97%
Spread / Lowest Target -14,3%
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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