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FBM

Foundation Building Materials

$15.04

0.1 (0.67%)

07:06
01/04/18
01/04
07:06
01/04/18
07:06

Foundation Building Materials: Legislation to reduce liability under TRA

Foundation Building Materials is providing preliminary estimates regarding its Tax Receivable Agreement with its controlling shareholder due to the passage of recent tax legislation. On December 22, 2017, President Trump signed the Tax Cut and Jobs Act of 2017. The Act reduced the maximum federal corporate income tax rate from 35% to 21%, effective January 1, 2018. The passage of this legislation is expected to significantly reduce the company's liability under the TRA. In the company's most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, the company disclosed that its undiscounted liability as of September 30, 2017 under the TRA was $203.8M. Due to the decrease in the federal corporate income tax rate, the company now expects that as of December 31, 2017, the undiscounted liability of the TRA will be between $130M-$145M, and the discounted present value of the TRA will be between $85M-$100M. The decrease in the undiscounted value of the TRA will be recorded in the consolidated statement of operations for the year ended December 31, 2017, and the company estimates earnings per share for the fourth quarter to be positively impacted by a range of $1.37 to $1.72 due to this adjustment.

  • 24

    Jan

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    Jan

FBM Foundation Building Materials
$15.04

0.1 (0.67%)

03/14/17
SPHN
03/14/17
INITIATION
SPHN
Overweight
Foundation Building Materials initiated with an Overweight at Stephens
03/28/17
RBCM
03/28/17
NO CHANGE
RBCM
Foundation Building should be bought on any weakness, says RBC Capital
After Foundation Building reported adjusted EBITDA that came in below the consensus estimate, RBC Capital analyst Robert Wetenhall says that the comparison between the consensus EBITDA and Foundation's EBITDA is not meaningful because Foundation excluded certain one-time adjustments from its EBITDA number. The analyst says that the company has "a strong competitive position (and) solid growth prospects." He keeps a $29 price target and an Outperform rating on the shares.
05/30/17
RHCO
05/30/17
NO CHANGE
RHCO
Foundation Building Materials has reached attractive entry point, says SunTrust
SunTrust analyst Keith Hughes says that Foundation Building's stock "has struggled" due to a number of nonoperational issues, including a TRA agreement that was not well-received by investors and its "controversial and tough to follow EBITDA reconciliations." The analyst says that the company's long-term outlook is "excellent," and he thinks that the stock has reached an attractive entry point.
09/11/17
RHCO
09/11/17
NO CHANGE
RHCO
Foundation Building Materials has reached good entry point, says SunTrust
SunTrust analyst Keith Hughes says that Foundation Building has reached "a particularly attractive entry point" due to strong macro trends, its potential as a takeover target, and the fact that its peer, GMS Inc. (GMS) is trading at a multiple that is two times higher than it. The analyst says that Harvey's financial impact on Foundation Building will be "negligible" due to its insurance coverage. He keeps a $22 price target and a Buy rating on the shares.

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