Masonite International's Rating Slashed at Stifel
Following Masonite International (NYSE:DOOR) fourth-quarter earnings release, Stifel analysts downgraded the company from Buy to Hold, while raising the price target to $133.00 from $119.00. Despite Masonite's earnings aligning with expectations and a positive surprise in North American business performance, ongoing weaknesses in Europe and the Architectural sector led to the downgrade.
Elliott highlighted the ongoing acquisition of Masonite by Owens Corning, expected to close in mid-2024, and emphasized the importance of mergers and acquisitions in the building products industry for achieving scale. The adjustment in Masonite's rating reflects the anticipated successful close of this acquisition without regulatory issues.
| Symbol | Price | %chg |
|---|---|---|
| 6367.T | 21900 | 0 |
| ARNA.JK | 705 | 0 |
| 002380.KS | 329500 | 0 |
| MLIA.JK | 366 | 0 |
Masonite International Announces Restructuring Changes
Wedbush updated its estimates on Masonite International Corporation (NYSE:DOOR) for restructuring moves. The company announced on Dec 29 that it will incur one-time restructuring charges during Q4/22 that will result in incremental cost savings in future years. Masonite indicated in the Q3/22 conference call that it would be looking for cost-saving opportunities, especially in the Europe segment.
Management did not indicate in the release where the cost cuts were focused, and the analysts will look for more color on the Q4/22 conference call, presumably mid to late February 2023.
The analysts maintained their fiscal 2022 AEBITDA estimate of $456 million and lowered their 2022 GAAP EPS to $10.09 from $10.74. Their 2023/2024 AEBITDA moved to $481/$516 million which represents cost savings of approximately $15 million pretax in 2023 and $20 million pretax in 2024. The analysts maintained their Outperform rating and $115 price target on the company’s shares.
Masonite International Announces Restructuring Changes
Wedbush updated its estimates on Masonite International Corporation (NYSE:DOOR) for restructuring moves. The company announced on Dec 29 that it will incur one-time restructuring charges during Q4/22 that will result in incremental cost savings in future years. Masonite indicated in the Q3/22 conference call that it would be looking for cost-saving opportunities, especially in the Europe segment.
Management did not indicate in the release where the cost cuts were focused, and the analysts will look for more color on the Q4/22 conference call, presumably mid to late February 2023.
The analysts maintained their fiscal 2022 AEBITDA estimate of $456 million and lowered their 2022 GAAP EPS to $10.09 from $10.74. Their 2023/2024 AEBITDA moved to $481/$516 million which represents cost savings of approximately $15 million pretax in 2023 and $20 million pretax in 2024. The analysts maintained their Outperform rating and $115 price target on the company’s shares.
