Adelaide Brighton multiplies its returns

Boral, Brickworks and CSR are suffering from the reverse multiplier effect, but ABC isn’t.

PORTFOLIO POINT: Adelaide Brighton’s return on equity is about three-times that of its industry peers, although it is trading above its intrinsic value.

Extra income leads to more spending, which creates more income, and when this income is spent, this spending becomes someone else’s income, and so on.

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