James Hardie Gets New Bull Despite Debt Risk -- Market Talk

Dow Jones

Jul 29, 2025

2325 GMT - Building materials supplier James Hardie gets a new bull in Macquarie despite the additional debt taken on to acquire U.S.-based AZEK. "Market conditions are tough, but we think an evolving AZEK integration story, a bottoming out of markets and a valuation that has adjusted for the post-AZEK return profile are in support of a reassessment," Macquarie says. James Hardie's debt position is a risk given prevailing market conditions. Macquarie expects net debt-to-Ebitda of 3.3x in FY 2026. Still, it thinks that will come down quite rapidly. Macquarie forecasts levels of 2.4x in FY 2027 and 1.6x in FY 2028, even if James Hardie buys back shares worth US$250 million in each of FY 2026 and FY 2027. The bank upgrades James Hardie to "outperform," from "neutral." (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

July 28, 2025 19:25 ET (23:25 GMT)

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Macquarie expects net debt-to-Ebitda of 3.3x in FY 2026. Still, it thinks that will come down quite rapidly. Macquarie forecasts levels of 2.4x in FY 2027 and 1.6x in FY 2028, even if James Hardie buys back shares worth US$250 million in each of FY 2026 and FY 2027. The bank upgrades James Hardie to \"outperform,\" from \"neutral.\" (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 28, 2025 19:25 ET (23:25 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>James Hardie Gets New Bull Despite Debt Risk -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJames Hardie Gets New Bull Despite Debt Risk -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-07-29 07:25</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  2325 GMT - Building materials supplier <a href=\"https://laohu8.com/S/JHIUF\">James Hardie</a> gets a new bull in <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a> despite the additional debt taken on to acquire U.S.-based AZEK. \"Market conditions are tough, but we think an evolving AZEK integration story, a bottoming out of markets and a valuation that has adjusted for the post-AZEK return profile are in support of a reassessment,\" Macquarie says. <a href=\"https://laohu8.com/S/JHX\">James Hardie</a>'s debt position is a risk given prevailing market conditions. Macquarie expects net debt-to-Ebitda of 3.3x in FY 2026. Still, it thinks that will come down quite rapidly. Macquarie forecasts levels of 2.4x in FY 2027 and 1.6x in FY 2028, even if James Hardie buys back shares worth US$250 million in each of FY 2026 and FY 2027. The bank upgrades James Hardie to \"outperform,\" from \"neutral.\" (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 28, 2025 19:25 ET (23:25 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"JHX","symbol_name":"詹姆斯哈迪","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2555086462","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2555086462","pubTimestamp":1753745100,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"2325 GMT - Building materials supplier James Hardie gets a new bull in Macquarie despite the additional debt taken on to acquire U.S.-based AZEK. \"Market conditions are tough, but we think an evolving AZEK integration story, a bottoming out of markets and a valuation that has adjusted for the post-AZEK return profile are in support of a reassessment,\" Macquarie says. James Hardie's debt position is a risk given prevailing market conditions. Macquarie expects net debt-to-Ebitda of 3.3x in FY 2026. Still, it thinks that will come down quite rapidly. Macquarie forecasts levels of 2.4x in FY 2027 and 1.6x in FY 2028, even if James Hardie buys back shares worth US$250 million in each of FY 2026 and FY 2027. The bank upgrades James Hardie to \"outperform,\" from \"neutral.\" ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"JHX":"詹姆斯哈迪","JHX.AU":"JAMES HARDIE INDUSTRIES-CDI","BK7044":"建筑材料","BK4011":"建筑材料"},"translate_title":"尽管存在债务风险，詹姆斯·哈迪仍获得新的牛市——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"JHX.AU":0.9,"JHX":0.9},"content_text":"2325 GMT - Building materials supplier James Hardie gets a new bull in Macquarie despite the additional debt taken on to acquire U.S.-based AZEK. \"Market conditions are tough, but we think an evolving AZEK integration story, a bottoming out of markets and a valuation that has adjusted for the post-AZEK return profile are in support of a reassessment,\" Macquarie says. James Hardie's debt position is a risk given prevailing market conditions. Macquarie expects net debt-to-Ebitda of 3.3x in FY 2026. Still, it thinks that will come down quite rapidly. Macquarie forecasts levels of 2.4x in FY 2027 and 1.6x in FY 2028, even if James Hardie buys back shares worth US$250 million in each of FY 2026 and FY 2027. The bank upgrades James Hardie to \"outperform,\" from \"neutral.\" (david.winning@wsj.com; @dwinningWSJ) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 28, 2025 19:25 ET (23:25 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}