External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Big River Industries Pty Ltd / Equity Bottom-Up

<ul><li>Considered cost reduction and nimble operations see BRI traverse another testing half.</li><li>A durable balance sheet (22.8% gearing) and strong cash conversion (78.4%), albeit off historical highs, produces breathing room.</li><li>Meanwhile, signs of life in resi approvals allows a modicum of optimism into 2H25. A well-managed business with several long-term tailwinds, we see our preferred risk – reward equilibrium for BRI as approaching. However, it is not here yet.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Considered cost reduction and nimble operations see BRI traverse another testing half.A durable balance sheet (22.8% gearing) and strong cash conversion (78.4%), albeit off historical highs, produces breathing room.Meanwhile, signs of life in resi approvals allows a modicum of optimism into 2H25. A well-managed business with several long-term tailwinds, we see our preferred risk – reward equilibrium for BRI as approaching. However, it is not here yet.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Big River Industries (BRI) - An Increasingly Palatable Price Point

<ul><li>An adaptable distributor with enviable scale, BRI possesses a relatively unimpeded route to growth in specialised product verticals.</li><li>Nonetheless, current trading conditions hamper valuation. A tightly bound register results in limited liquidity and potential price volatility when earnings inevitably return.</li><li>Certainty of residential’s recovery remains elusive whereas potential for further short-term deterioration is prominent. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

An adaptable distributor with enviable scale, BRI possesses a relatively unimpeded route to growth in specialised product verticals.Nonetheless, current trading conditions hamper valuation. A tightly bound register results in limited liquidity and potential price volatility when earnings inevitably return.Certainty of residential’s recovery remains elusive whereas potential for further short-term deterioration is prominent. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Big River Industries (BRI) - Balancing on a Timber Beam

External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Big River (‘BRI’) is due to report its 1H24 result on 21-Feb. Similar to its AGM update in Nov-23, we expect the daily sales rate to have remained relatively similar throughout the half, in comparison with 2HFY23.</li><li>We continue to expect tougher conditions in CY25. We have factored in additional gross margin pressure reflecting the latest ABS pricing statistics for a number of BRI’s key product categories.</li><li>Even after taking these factors into account, we continue to see value in the company and view it as having a strong medium-to-longer term outlook, supported by a chronic housing underbuild and elevated migration. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Big River (‘BRI’) is due to report its 1H24 result on 21-Feb. Similar to its AGM update in Nov-23, we expect the daily sales rate to have remained relatively similar throughout the half, in comparison with 2HFY23.We continue to expect tougher conditions in CY25. We have factored in additional gross margin pressure reflecting the latest ABS pricing statistics for a number of BRI’s key product categories.Even after taking these factors into account, we continue to see value in the company and view it as having a strong medium-to-longer term outlook, supported by a chronic housing underbuild and elevated migration. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Big River Industries Limited - 1H24 Preview – Biding Time

<ul><li>Big River (‘BRI’) provided a trading update as part of its recent AGM.</li><li>The company stated that its “…daily sales performance has been consistent the past 3 months, in line with H2 FY2023.”</li><li>In our view, weakness in early-cycle residential exposures (i.e. Frame &amp; Truss) is being largely offset by continued resilience in late-cycle exposures and strength in Commercial construction. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Big River (‘BRI’) provided a trading update as part of its recent AGM.The company stated that its “…daily sales performance has been consistent the past 3 months, in line with H2 FY2023.”In our view, weakness in early-cycle residential exposures (i.e. Frame &amp; Truss) is being largely offset by continued resilience in late-cycle exposures and strength in Commercial construction. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Big River Industries Limited - Riding Out the Storm

<div><div><div><div><ul><li>Big River’s (‘BRI’) FY23 result was marginally softer than our forecast, however the resilience of its outlook was a positive surprise vs our expectations.</li><li>The company stated that its outlook “...remains positive given our end market diversity”, supported by an expectation of the current housing backlog extending in CY24 and a strong Commercial pipeline.</li><li>We continue to believe BRI will be able to deliver more resilient results in the short-term relative to expectations, whilst remaining well-placed to take advantage of the strengthening medium-to-longer term outlook.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Big River’s (‘BRI’) FY23 result was marginally softer than our forecast, however the resilience of its outlook was a positive surprise vs our expectations.The company stated that its outlook “...remains positive given our end market diversity”, supported by an expectation of the current housing backlog extending in CY24 and a strong Commercial pipeline.We continue to believe BRI will be able to deliver more resilient results in the short-term relative to expectations, whilst remaining well-placed to take advantage of the strengthening medium-to-longer term outlook.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Big River Industries Limited - Swimming Against the Tide

Australia

Big River Industries Limited manufactures building materials. The Company offers pine framing, structural hardwood, fibre cement, timber mouldings, fencing, and roofing supplies. Big River Industries serves customers in Australia.

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Big River Industries Pty Ltd (BRI AU)

Big River Industries (BRI) - An Increasingly Palatable Price Point

Considered cost reduction and nimble operations see BRI traverse another testing half. A durable balance sheet (22.8% gearing) and strong cash...

Taylor Collison

Big River Industries (BRI) - Balancing on a Timber Beam

An adaptable distributor with enviable scale, BRI possesses a relatively unimpeded route to growth in specialised product verticals.

Taylor Collison

Big River Industries Limited - 1H24 Preview – Biding Time

We continue to expect tougher conditions in CY25. We have factored in additional gross margin pressure reflecting the latest ABS pricing statistics...

Ord Minnett

Big River Industries Limited - Riding Out the Storm

Big River (‘BRI’) provided a trading update as part of its recent AGM. The company stated that its “…daily sales performance has been consistent...

Ord Minnett

Big River Industries Limited - Swimming Against the Tide

Big River’s (‘BRI’) FY23 result was marginally softer than our forecast, however the resilience of its outlook was a positive surprise vs our...

Ord Minnett

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