Breville Shares Remain Overvalued Despite Ongoing European Expansion
After a stellar share price rally since the start of calendar 2019, shares in narrow-moat-rated Breville Group are meaningfully overvalued relative to our unchanged 11.00 per share fair value estimate. While both the business and products are high quality, we believe the market is overly optimistic about the earnings prospects in Europe and is assuming a greater rate of success than it achieved in North America.Our valuation already assumes a 13% EPS CAGR over the next five years, an accelerati...
Breville Group is engaged in the design, development, marketing and distribution of small electrical appliances. In Australia and New Zealand, Co. principally trades under its owned brands, Breville and Kambrook and also distributes a range of Philips products in the personal care and garment care categories under a license agreement with Philips. In North America, Co. distributes Breville branded products through several channels. In the U.K., the marketing and distribution of Co.'s designed products to retailers is under its owned brand, Sage.
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