RESEND: Full break-up may be best option for 'under-valued' Fletcher Building, given outlook for Australia, ROW

Mon, 01 Feb 2016

(Fixes garble in second paragraph: 'parts') By Jonathan Underhill Feb. 2 (BusinessDesk) - Fletcher Building shares are worth 25 percent more than their current market price on a sum-of-the-parts valuation and a full break-up of the company may be the best option to lift returns from shareholders faced with under-performing Australian and rest-of-the-world operations, says brokerage First NZ Capital. In a lengthy analysis of the company, analysts at First NZ put a spot, discounted cash-flow, sum-of-the-parts value of $8.65 a share on Au...

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