Breville Group Remains Cautious on Fiscal 2017 Outlook; FVE Unchanged
Our AUD 7.00 per share fair value estimate is unchanged following narrow moat Breville Group's annual general meeting update. Given the importance of the November/December trading period, management did not provide explicit earnings guidance, but trading conditions for the first four months of fiscal 2017 were broadly in line with expectations. Our forecasts are unchanged. Business conditions remain challenging specifically in the Australian midmarket segment. Breville is progressing with its tr...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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