Forterra (FORT)

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422
Forterra FORT Logo

A producer of manufactured masonry products as well as a manufacturer of building products for the United Kingdom construction industry.

1-Nov-2018 – 220.5p – £442.0m – PER 7.97

Trading Update For The Period From 1st July To End October 2018 – FY Profit to be marginally below previous expectations (rising costs of energy and carbon credits plus a kiln repair).

First time look for me and seems like a lot to like (expect the news in this recent update) – ROCE and Op Margin (tick), Yield 4.5% (tick), Revenue and EPS growth circa 10% (tick), Net Debt but manageable (tick). I am Neutral but will do a little more research here.

15-Jan-2019 – 242p – £485m – PER 9

Trading Update For The 12 Months To End December 2018 – FY PBT to be in-line with the Board’s expectations. Net Debt down from £61m to £39m. Brick market seems to be holding up well.

Looks like the uncertainty of “you know what” is built into the price here – Probably the only thing preventing me getting closer to the Buy button at present.

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