BKW +7.22%: was up today on better than expected full-year results. The primary driver of the rally was higher-than-expected property revaluations (circa. 40%) which pushed industrial rents up.
Results for FY24:
- Net profit on the year was down 88% to $61.2m however importantly was a big beat to expectations of $25.4m
- Dividend increased 3% to $0.43 – continuing the streak of BKW growing its dividend every year since 1976
The business is temporarily closing plants in North America and Australia this fiscal year to control inventory however, this is a short term decision to also push through some maintenance. As we wrote in our piece this morning on James Hardie (JHX), we see volumes picking up in calendar year 2025, and continue to like the look of BKW to take advantage of improving trends.
MM remains bullish on BKW
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