I bought some today yes. Took some profit a few weeks ago on the...

I bought some today yes. Took some profit a few weeks ago on the run up.

I listened to the call this morning which was pretty funny and frustrating for JHX management. I can summarise the hour with just a few sentences.

1. Anaylsts were worried about a weak Q2 leading to a full year downgrade.
2. JHX management said the sector had deteriorated since the May call, but was still within the range of expectations when the guidance was given.
3. JHX highlighted they are still outperforming the market and taking share.
4. Analysts asked in about 5 different ways what was factored into guidance.

Eventaully what we got from JHX is that the current guidance takes into account current market and macro dynamics. If market trends persist it will be towards the bottom end of guidance. If they improve it will be towards top end or higher based on JHX ability to outperform.

So analysts will have to go back to their desks to pontificate about the future macro landscape and sentiment in the sector. Which of course is impossible.

In my view JHX will therefor trade between quarters based on this sentiment (which probably seems obvious). I saw no evidence of any issues with the underlying business. Historically speaking JHX is good value, and if it gets cheaper happy to buy more.