fivestar; the answer is "maybe, but not much". Over the past few years there have been a number of FBU revenues, and many of them are long-termers with plenty of horizon time to see any weakness. For example, look around the skylines of any NZ city, plenty of construction going on. If Fletcher Construction isn't throwing the thing up itself, then its products are being well used in it.

Then there is infrastructure building -- roads and the like; prisons, you name it. Every time you see a building project announced, FBU's price should tick up that wee bit more.

So even if the housing market "collapses", things aren't altogether grim. Also, FBU's fortunes aren't necessarily driven by house prices; they are driven by building and renovating activity. Experience has shown that even when there is a retraction in building consents, renovation activity continues apace.

That's the NZ scene. Bear in mind FBU is now making 40% of its revenues offshore (mainly Australia) and is diversified into laminates, steel, concrete, building products.

This diversified approach has been the foundation of its resurgence. Perhaps they have been reading Mary Holm?