Hey everyone,Greetings fromEstonia, Tallinn. I’ve been following...

Hey everyone,

Greetings fromEstonia, Tallinn. I’ve been following FBR since 2018. Last year after FBRfinished display home and commercial build I bought in. Holding strong and long,increasing position occasionally.

Wienerberger Q1 results presentation has interesting slides, pages 20 & 21. They are planning to invest 2021-2023 € 80mn p.a. (AUD 126 million) Special Capex in recyclability, innovative product designs and broadening the range of system solutions.

FBR June 15th presentation pages 10, 11 and 12 are quite well and in detail covering the WAAS®commercial model.

On page 11 are following statements:

- Global WaaS®operating entities will be rapidly scaled by allowing strategic partners to buy into the WaaS® operation in that region

- Funds from strategic partners will be used to procure more HadrianX® robots, and in some markets the strategic partner may be a manufacturer of the HadrianX®

I guess this is where Wienerbeger WAAS® buy in money and intentions are clearly visible. Not really expecting all of that money going into WaaS® operating entities but it gives a overall understanding how much Wienerberger is ready to invest. It goes without saying that first FBR has to complete Australian phase of Wienerberger Pilot Program by building residential house with Wienerberger blocks in a suburban environment.

I guess Xella and potential Hadrian manufacturer are also in the strategic partners list. I wonder if some of the global adhesive manufacturesrs like Henkel or 3M would be in that list? Besides blocks there will be quite a significant volume of adhesive used by Hadrian. Some adhesive producer should / could be interested in exclusivity deals in certain markets. As far as I understand the construction adhesive that Hadrian uses is quite simple and commodity like product where volume matters. Henkel has their Henkel Tech Ventures and looking up to 20% stake. 3M has a also 3M Ventures.

Cheers
Slim