James Hardie: Result 2017

There’s no doubt James Hardie is a much better business than its Australian peers. But can its sky-high margins last?

Why does the market love James Hardie? Just have a gander at those margins. The company’s engine room – the North American fibre cement division – produced an operating margin of 23% for the year to 31 March 2017. Across the entire company, which includes the fibre cement businesses in Australasia, the Philippines and Europe, the underlying margin was 18%. This is a very profitable business.

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