Well it's probably a buy if someone comes in, shakes things up, sells off or rationalises the under-performing bits and then focuses on the profitability of the core NZ business in which case it's almost certainly a Buy.
But the same could be said for much of the past 10 years. A quick look at their investor packs of the last 20 years shows periodic delusions of international expansion and riches and some of the same people who presumably endorsed all that are still on the Board.
Hopefully Allan Gray, the KiwiSaver folk and other shareholders will push for great change but it's yet to happen. The conditions are ripe for the change in approach leading to a major turnaround but we're still at the beginning at best.
Ann: Fletcher Building Market Update, page-29
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