Citi questions growth outlook as ASX-listed James Hardie cements AZEK buyout
ReutersMar 24, 2025 6:34 PM
ASX-listed fiber cement maker James Hardie Industries JHX.AX announces deal to buy U.S. artificial decking maker AZEK AZEK.N in deal priced at $8.75 billion
Citi acknowledges strategic logic of acquisition but questions organic product development growth outlook and timing of deal
Acquisition likely to boost revenue, especially with PVC trim, commonly used in construction for pipes, introduction enhancing Northeast siding growth - Brokerage
Citi flags that deal increases leverage to 2.8x ND/EBITDA, above guidance, potentially worrying investors due to economic uncertainty
Retains "neutral" rating at PT of A$56
Stock down 20.1% YTD
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