CSR used to be referred to as ”sugars” on the old trading floor but this is now a building products business after selling its sugar and ethanol business in 2010. The stocks outperformed its peers over the last 12 months, this building materials company is most exposed to detached housing, and while it appears clear that higher interest rates and elevated material prices will lead to an ongoing weakening in the housing market we may already be closer to the end of the journey as opposed to the beginning. Importantly CSR has a solid balance sheet having embarked on a buyback of up to $100mn in 2022, supporting the share price in the process.
- We are bullish on CSR through 2023 but the risk/reward around $5.20 is not exciting.
MM is mildly bullish about CSR
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