Action and recommendation  Maintain Outperform. We continue to...

Action and recommendation


 Maintain Outperform.


We continue to see the Boral investment case supported by good thematic exposures in

Australian infrastructure and

US housing (with a useful fillip from US infrastructure)

.  While an upgrade to synergy targets at Headwaters was not forthcoming in the result, the confident tone around integration remains – we see a gradual derisking of the Headwaters acquisition



as an underpinning to a rerating of BLD.