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EPIC IBST
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Don’t worry about the losses at Ibstock

Whilst my positive views on the UK’s largest brick company Ibstock (IBST) - most recently written up HERE - have been really well-rewarded over the last six months, I do have one confession to make. Yes, the company did make a loss of £20 million last year. It was clearly a very difficult year due to Covid-19 shutdowns but also Ibstock was taking on board one off costs to help evolve the business. Still, I know some investors will be feeling unhappy.

EPIC IBST
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Still loving Ibstock

It has taken me an extra day to respond but did you see the update from the market share leading clay and concrete building company Ibstock (IBST)? Although the full results are out in early March, the company said it expects to report adjusted EBITDA for 2020 of around the previous guidance (back in October) of £50 million.  I know this puts the company on a x20 EV multiple, the reality is that it is talking even more positively about 2021 as the CEO notes that 'we are encouraged by recent market trends in the industry and the resilience of demand from our house builder'.  

EPIC IBST
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On a shabby day, Ibstock is still building value...

I've mentioned brick company Ibstock (IBST) a few times on these pages, noting here that 'I love basic, but worthy, products' especially if they have pricing power due to a supply oligopoly, as you should note with this space. I see on a shabby day for the broader market that Ibstock shares are once again close to the 150s pence level I have used a couple of times to add to my holding, which is kind of interesting especially as the company's trading update released today read well in my view. So what did it say?...

EPIC IBST
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Ibstock is not bricking it...but just telling how it is

You know I love basic, but worthy, products and have rhapsodised about the brick market before as pricing power is decent, assisted by a continuing structural demand for houses due to a rising population (don't get me started though on housebuilder profitability levels and 'help to buy' style market distortions!). However...

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