Shares in Narrow-Moat-Rated Breville Remain Expensive Despite European Growth Opportunity
Despite Breville’s share price retreating by over 10% during the past few months, we continue to believe the stock is overvalued. Our AUD 9 per share fair value estimate is unchanged, as is our narrow economic moat rating. the stock currently trades on a forward fiscal 2018 P/E of 25 times, which is stretched compared with the 18 times it has traded at for the past seven years, on average. We believe the current share price could be justified by a five-year EPS CAGR of 20%, which is more akin to...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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