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Company Information

Company at a Glance

Industry:
Construction Materials
Fiscal Year-End:
n/a NaN

Company Overview

James Hardie Industries N.V. is an international building materials company focused on fibre cement products. JHX is the dominant manufacturer of fibre cement in the US, Australia, New Zealand and the Philippines. Products include fibre cement exterior siding and trims, interior flooring and backing board and pipes. JHX has begun marketing fibre cement products in Europe.

Company History

JHX was listed on the ASX in 1951. The company was forced to abandon its asbestos fibre cement business in the late 1970s due to product liability. This forced it to develop a non-asbestos product, which it has marketed since the mid-1980s in Australia and NZ. The company began manufacturing the new product in the US in 1989. More recently, JHX has entered the Philippines.

Industries Of Operation

JHX manufactures cellulose fibre cement products such as siding and backerboard products, mainly for residential applications. Cellulose fibre cement is non-asbestos fibre cement. JHX is the largest, lowest-cost and most profitable producer of cellulose fibre cement in the United States. The company has canned its US fibre-reinforced concrete pipes businesses, but still produces concrete pipes in Australia.

Differentiating Factor

JHX's key differentiating factor is its unique and proprietary technology in manufacturing cellulose fibre cement. JHX developed the technology when it was forced by health concerns to cease production of asbestos fibre cement more than 20 years ago. While others also now manufacture cellulose fibre cement, none has managed to take the product as far as JHX. The company continues to aggressively invest in R&D to enhance its technology, lower costs and expand the product range.

Major Customers & Competitors

Customers: major building contractors and distributors. Competitors: Australia - CSR and BGC produce cellulose fibre cement. The product also competes in Australia with brick, wood-based products, masonry and steel. US Competitors - a few smaller competitors produce fibre cement. The product also competes with vinyl, wood-based products, bricks, masonry, steel and gypsum. In Asia ex-Japan, there are many asbestos fibre cement producers.

Research provided by  

Market Statistics

Market Cap ($M):
2,834.7
Equiv. Shares (M):
435.4
% All Ords:
0.22
12Mth Range ($):
4.81 - 8.86
Turnover ($M pa):
4,131.7
Index:
S&P/ASX 100
Sector:
Materials
Industry Group:
Materials
Industry:
Construction Materials
Sub Industry:
Construction Materials

Last 5 Market Sensitive Announcements

Date
Announcment
18-Jun-10 09:23
Completion of Stage 2 of Re-domicile
27-May-10 08:49
Q4 FY10 and Full Year Results
11-Feb-10 08:29
Q3 FY10 Results Material
23-Nov-09 08:22
JHX Q2 and Half-Year FY10 results
26-Oct-09 16:57
Response to media comments on asbestos compensation funding

Calendar Of Events

Date
Event
12-Aug-10
Reporting Date for Half Yearly Result
12-Feb-10
Reporting Date for Third Quarter Result
23-Nov-09
Reporting Date for Half Yearly Result
21-Aug-09
AGM Date for Final Year Result
18-Aug-09
EGM Date for Special Event

Directors

Name
Position
D McGauchie
Deputy Chairman
L Gries
Director/CEO
R Chenu
Director/CFO
B Anderson
Non Executive Director
R van der Meer
Non Executive Director
R Cox
Executive Director
D Harrison
Director
J R OSBORNE
Director
M Hammes
Non Exec. Chairman

Management

Name
Position
L Gries
CEO
R Chenu
CFO
N Rigby
VP GM - Eastern Division
B Holte
VP GM - Western Division

Substantial Shareholders

Name
% Holding
FMR LLC and FIL
7.9
Lazard
7.4
Concord Capital
7.1
Schroder Investment Management Group
6.7
National Australia Bank
6.1
Ballie Gifford & CO.
5.2
Vanguard Inv.
5.1
The Capital Group Companies, Inc
5.1
Commonwealth Bank
5.0
Vanguard Investments Australia Ltd
5.0

Consensus Recommendation Summary


0
1
4
2
4
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 11

Consensus Earnings

FY11 FY12
Consensus EPS1 (c) 33.7 46.5
EPS Growth (%)   37.9
P/E Ratio (x) 19.3 14.0
P/E Rel. All Ords (x) n/a n/a
P/E Rel. Sector (x) n/a n/a
Number of Brokers in Earnings Survey: 11 11

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Historical Forecast Earnings And Recommendations

Consensus Recommendations

Consensus information provided by Reuters.

Consensus EPS Forecasts 1

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Peer Recommendation Comparison

  P/E (x) EPS Chg (%) Dividend Yield (%) MktCap ($M) Price ($) Consensus Rec
  10A 10A 10A    
James Hardie Industries (33.9) n/a 0.0 2,834.7 6.51 Out Perf.
Boral n/a n/a n/a 2,829.3 4.24 Hold
Adelaide Brighton n/a n/a n/a 2,013.4 3.17 Out Perf.
Brickworks n/a n/a n/a 1,738.9 11.81 Buy
China West International n/a n/a n/a 11.3 0.16 none

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