Boral (BLD) - FY15 EBITDA in line but dividend slightly below our estimates

Boral Construction Materials & Cement was up 9% to $301m, Building Products was $30m as compared to $8m in pcp reflecting improved pricing, production volume leverage and improved operational performance and costs. Gypsum was up 38% to $141m, USA $6m as compared to ($39m) in pcp driven by volume & price gains, and US$20m in cost savings. Operating cashflow down 18% to $418m and net debt up to $817m from $718m due to FX impact. Borals Outlook: “In FY2016, efforts will focus on maintaining underlying earnings from Construction Materials & Cement while property earnings are uncertain; Building Products will remain broadly steady; USG Boral will deliver further underlying improvement; and earnings from Boral USA will continue to strengthen in line with an expected increase in US housing activity. Read the full summary here: (VIEW LINK)