In March, BKW reported an underlying loss for the half of -$37m, which was better than the consensus of -$49m. The outlook commentary was upbeat and, in hindsight, premature, but when inflation is finally put to bed and rate cuts can unfold, this building products business should be well positioned – in 2023, the business generated ~25% of its revenue from North America.
- Recent weakness in BKW is starting to look interesting as a contrarian play.
MM is cautiously bullish BKW around $27
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