26 April 2018 The Macquarie View

Price catalyst 

12-month price target: A$8.50 based on a EV/EBIT methodology.


Catalyst: 16 May investor day.


Action and recommendation 

Again, operational outcomes are affected by a combination of weather and a collection of smaller operational events.

The key, for us, is whether the fundamental supports of the story have changed. We do not believe so –


Australian construction activity remains well supported by infrastructure development and US housing indicators remain positive notwithstanding impacts from lingering winter weather conditions. Maintain Outperform.