BRI is looking quite interesting at these levels. I wanted to assess how much of the increase in profit since 2019 was structural step-wise changes from acquisitions / efficiencies, versus how much was cyclical and perhaps not very durable. I was pleasently surprised in my back of the envelope assessment to find that most of the EPS accretion is from acquisitions, some from Wagga/Grafton, and some from organic growth during the cycle.
Seems if you are willing to underwrite the outlook that commercial construction is strong and residential construction is only temporarily soft, then I reckon this is not a bad entry point for BRI. Valuation of ~8.5x earnings with 7.9% dividends (68% payout) and EPS growth targets of 10% (but likely only 2-3% organic and relying on the rest being acquisitions). Could get a re-rate if interest rates stop going up and construction comes back.
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Last
$1.38 |
Change
-0.170(11.0%) |
Mkt cap ! $117.8M |
Open | High | Low | Value | Volume |
$1.55 | $1.55 | $1.36 | $358.8K | 253.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 959 | $1.38 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.40 | 48 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 959 | 1.380 |
2 | 23300 | 1.370 |
2 | 12000 | 1.360 |
1 | 13269 | 1.355 |
1 | 7000 | 1.350 |
Price($) | Vol. | No. |
---|---|---|
1.400 | 48 | 1 |
1.550 | 9872 | 1 |
1.570 | 2893 | 1 |
1.730 | 5 | 1 |
1.740 | 3500 | 1 |
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