Building products business CSR suffered through May after being downgraded by a number of brokers following its full-year result coupled with a fairly bleak outlook for construction over the coming years – it’s been hard to imagine CSR enjoying a meaningful recovery in the current economic environment. However the company has just announced a $100mn buyback at the end of June again illustrating a strong company balance sheet.
- We are currently considering exiting our CSR position for a loss just under $4.50 i.e. almost 15% above its recent low.
MM is mildly bullish CSR short-term targeting a test of $4.50
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