This month saw CSR deliver its FY23 result which was net pleasing as a positive building products outlook was tempered by disappointing Aluminium guidance. While housing vols will eventually decline (we think from 2H24), we believe this will be less severe than first thought and partially offset by increased property sales. We also note CSR remains net cash, with the $60m buyback providing some flexibility in the near term.
- We aren’t attracted by the risk/reward of CSR as its tests the upside of the last few months.
MM is neutral on CSR around $5.35
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