James Hardie Industries Remains "Quality" Business Despite AZEK Deal, Says Morgan Stanley

MT Newswires Live2025-03-25

James Hardie Industries' (ASX:JHX) current share price now represents "attractive" value as the company remains a "quality" business, multiple media outlets reported on Monday, citing Morgan Stanley.

The company's stock price fell after it said on Monday that it is acquiring New York Stock Exchange-listed Azek Co. for $8.75 billion with a 26% premium.

Morgan Stanley said it "struggles to justify" the premium paid for this deal but the share price decline of James Hardie sees the share trading cheap allowing for earnings per share dilution, according to reports.

Morgan Stanley said it expects a volatile trading period as the market digests the AZEK acquisition.

The investment bank upgraded James Hardie Industries' rating to overweight from equal-weight while keeping its AU$55 price target.

The company's shares fell 5% in recent trade.

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