Boral was certainly an improvement.

But from what I can tell, highly cyclical margins at are midpoint…

…with commentary/guidance around recent conditions looking at bit flat, which makes sense given interest rates and a slowing economy…

and yet it trades at..well, lots, whatever ratio you look at. The line goes up and to the right.

Mgmt pointed to lagged impacts in pricing, plus some cost out, but the 20% hurdle to meet guidance does look sizeable.

Elsewhere in the call, they make the point that based on volumes they can see, things are a bit flat, and that might impact the first half, but second half 24 things like residential coming back, and social infrastructure coming through, alongside announced road projects, should get them there.

I suppose we doubt the resi piece, and we fear project cancellations due to rates and government funding (well, everyone’s funding!).

Not one for us.

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