Breville Off to a Strong Start for Fiscal 2017; FVE Unchanged
Our AUD 7 per share fair value estimate for narrow-moat-rated Breville Group is unchanged following a solid start to fiscal 2017. The company reported underlying EBIT of 49 million, a 7% increase on the prior corresponding period, or PCP. At the current pace, Breville is tracking broadly in line with our full-year estimates. Underlying net profit after tax grew slightly faster than EBIT, rising by 9% to AUD 34 million, benefiting from lower finance costs and a lower effective tax rate. The final...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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