Boral Limited

Mm

... is Coates Hire and, um, uh, Boral.

Mm.

And, you know, construction not doing well, but Coates Hire, like, their equipment's stuck on sites that have been shut down, and like, if there's, if everyone's been fired, how do you get your stuff back? Like, so there's machinery risk and things like that as well, and they own Caterpillar.

There are so many and I would say the companies that are working in this space in Australia are so committed to the decarbonisation pathway, the innovation pathway and decarbonisation pathway.

So, you know, you've got our three major cement companies, Cement Australia, Boral and Adelaide Brighton, who are all doing incredible things to drive a sustainability agenda for cement.

So we're seeing all manner of new cement products coming out.

We've got our concrete companies similarly doing incredible things So Wholesome, Heidelberg, Hallett, Gun Lake, there's so many of them.

And the clay is not having that same chemical reaction that limestone has in releasing carbon dioxide.

And it creates a fantastic supplementary cementitious material.

So we've got companies like Wholesome and Boral right now really trying to create a commercial offering in the calcine clay space.

And a really cool project in Victoria, the Northeast Link Program, which is a massive new road system.

Mark? I'll give it a hold, but only because it's SGH and for all the reasons that Jimbae gave.

Otherwise, you know, 46% of their business is Boral and Coates and You know, there's going to be bad debts.

Coats is going to have direct counterparty risk with unpaid hires, kit trapped on, you know, certain things trapped on certain sites.

I mean, Westrack Double is going to do extraordinarily well.

So the large cap that I'm interested in is another one where we'll have to wait for the cycle, but it's SGH Limited, controlled by the Stokes family and CEO there.

Obviously, it's more focused on the economic cycle with their three core businesses of Westrack and the mining capex and maintenance cycle, Boral, which they acquired over the last few years, and Coats Hire.

Really well run business and that's indicated through the way that they've taken costs out of the borrower business since they brought it into the fold.

I do think earnings guidance is for flat to low single digit EBITDA growth.

They're dramatically reducing the amount of carbon in the concrete.

Supplies including Wholesome and Boral, they have lower carbon concrete options available.

I actually interviewed Wholesome on the podcast back in episodes 280 and 281.

So you can learn how to specify low carbon concrete if you have a listen to that and also what to know about working with it.

Absent one of those two conditions, my life trajectory would have been radically different.

And from the eyes of some, if they looked at the career of my mother, who retired as nothing more than an accounts clerk at Boral, some people on the face of it would say that she was an admin worker.

But on the other hand, if you got to know my mother and you got to see the complete adversity that she had to deal with, You start to understand that not everything is on you.

And therefore, those who say that your life fate turns fundamentally on your own behavior, independent of everything else, probably wrong.