Brickworks deconstructed

This investment group’s assets are valuable and mostly tangible. But is it still cheap enough to deserve a positive recommendation?

Brickworks should be viewed as an investment company that also controls some operating assets. The conventional measures we typically look at for pure operating businesses—price-earnings ratio, return on equity, free cash flow yields and the like—are next to useless for valuing this business as a whole.

Instead, we use a sum-of-the-parts analysis, using the appropriate analytical tools to understand each individual asset and then totting it all up.

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