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General Information

James Hardie Industries Plc
JHX
http://www.jameshardie.com
Construction Materials
7,954
446

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$18.36 $17.88 $18.38 $17.84 $17.84 1188909 $0.52 ( 2.91% )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Hold
30/06/2015
3

Company Overview

Business Description
James Hardie Industries Plc (JHX) is involved in the residential and commercial building industries. JHX's flagship product is fiber cement, with applications in external siding, internal walls, ceilings, floors, soffits and fences. Its products and services include exterior products, Colorplus Technology, interior products and weather barrier. The principal markets are the US, Australia, New Zealand, the Philippines, Canada, and Europe - UK and France.
Strategy Analysis
JHX is focused on aggressively growing primary demand for products in the targeted market segments; growing overall market position while defending existing market segments; offering superior comparative value to that of competitors; and continually introducing differentiated products to improve product mix and increase margins. The company aims to maintain its competitive advantage through continual investment in research and development and the introduction of higher priced and higher margin differentiated products. A zero landfill target to limit waste in the production process assists overall margin management. Excess free cash flow is returned to shareholders. James Hardie Industries reported NPAT down 35% to US$83.5m for the half-year ended 30 September 2012. Revenues from ordinary activities were US$674.1m, up 4% from the same period last year. EBIT excluding asbestos and ASIC expenses decreased 10% to US$103.6m. EBIT including asbestos and ASIC expenses decreased from US$161.1m to US$105.3m. Diluted EPS was 19.0 US cents compared to 29.2 US cents last year. Net operating cash flow was US$7.8m compared to US$37.1m last year. The interim dividend declared was US 5.0 cents compared with US 4.0 cents last year. The company noted the range of analysts' forecasts for net operating profit excluding asbestos for the year ending 31 March 2013 is between US$147.0m and US$178.0m.

Financial Summary

Year to Mar NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2017 F 331.9 77.8 21.4% 22.9 46.7 2.6% 0.0%
2016 F 280.5 64.1 24.0% 27.8 37.8 2.1% 0.0%
2015 A 230.7 51.7 11.8% 25.8 31.3 2.3% 0.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2015 A 2016 F 2017 F 2015 A 2016 F 2017 F 2015 A 2016 F 2017 F
Adelaide Brighton (ABC) $2,797M 0.1863 0.0249 0.0541 15.5259 15.1494 14.3715 3.94% 4.10% 4.74%
Boral (BLD) $4,494M 0.0862 0.5957 0.3209 36.0000 22.5607 17.0803 2.56% 3.25% 4.23%
CSR (CSR) $1,842M 1.0421 0.0695 0.0447 12.5258 11.7117 11.2103 5.49% 6.46% 6.41%
Fletcher Building (FBU) $4,966M 0.2201 0.1184 0.1311 14.7685 13.2051 11.6742 4.64% 5.13% 5.55%
James Hardie (JHX) $7,722M 2.5680 -0.0961 0.2245 19.9103 22.0272 17.9892 4.31% 3.22% 3.88%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 0.00 21.00 -29.90 4.04
Market 0.91 15.90 1.30 1.26
Sector 0.73 11.80 0.67 0.34

Directors

Name Position Start Date
Mr Louis Gries Executive Director, Chief Executive Officer 22/10/2004
Mr Michael N Hammes Non-Executive Chairman 07/02/2007
Professor Brian D.O Anderson Non-Executive Director 14/12/2006
Mr James R Osborne Non-Executive Director 13/03/2009
Mr David D Harrison Non-Executive Director 19/05/2008
Mr Russell Langtry Chenu Non-Executive Director 15/08/2014
Mr Rudy M J Van Der Meer Non-Executive Director 07/02/2007
Ms Alison Littley Non-Executive Director 27/02/2012
Ms Andrea Gisle Joosen Non-Executive Director 20/03/2015
Mr Donald Gordon McGauchie Non-Executive Director, Non-Executive Deputy Chairman 15/08/2003

Management

Name Position
Matthew Marsh Chief Financial Officer
Natasha Mercer Company Secretary
Mark Fisher Executive General Manager - International
Sean Gadd Executive General Manager - Northern Division
Ryan Sullivan Executive General Manager - Southern Division
Sean O'Sullivan Vice President - Investor & Media Relations

Substantial Shareholders

Holding Name
36,903,554 (8.28%) FMR LLC and FIL (formerly FMR Corp and FIL)
35,688,372 (8.01%) Baillie Gifford & Co
28,720,923 (6.44%) Lazard Asset Management Pacific Co
28,198,184 (6.33%) National Australia Bank Limited Group
25,245,664 (5.66%) Commonwealth Bank of Australia
22,495,341 (5.05%) BlackRock Group

Calendar of Events

Date Event
20 May 2016 Report (Annual)
19 May 2016 Report (Prelim)
18 November 2015 Report (Interim)
14 August 2015 AGM
07 August 2015 Div Pay Date
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