Fletcher Building/FBU

The FBU update (a downgrade, as NZ and Aus macro conditions weaken housing and housing adjacent activities) makes me think of the very full takeover bids lobbed for Boral (BLD) and CSR.

We can all see the residential buidling approval stats (by number (#) is by far the worst, by value ($) much better, but that concentrates the outcomes into fewer hands and thus fewer winners).

Gotta be quite grim out there.

I still don’t quite get how RWC (Reliance Worldwide) have not succumbed, but there you have it; they maintained guidance at the Macquarie conference, despite remodel and repair work being weak (mgmt commentary suggesting this r&r activity is strongest when housing turnover is plentiful, which, at the moment, it is very much not).

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