Boral (BLD) – Posted a 13% rise in statutory NPAT to $173m which was a slight miss on an expected $174m. This caused the share price to fall on the day. It failed to impress despite the inclusion of its $3.5bn Headwaters acquisition in the accounts for the first time. Sales revenue was up 40% to $2.9bn which included the Headwaters contribution. Digging deeper, Boral also said it was on track to exceeding its targeted synergies for the full year, with US$18m of synergy benefits banked in the 1H and to exceed US$100m in four years. Despite yesterday’s share price fall, we think Boral’s outlook is bright. What the market…

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