Transfer of Analyst Coverage for Breville Group; FVE Increased to AUD 8 per Share
Upon transferring analyst coverage, we raise our fair value estimate for narrow-moat-rated Breville Group by 14% to AUD 8 per share. We still believe the company possesses a narrow economic moat, by virtue of its intangible brand assets. We project an underlying EPS CAGR of 9% during the next five years, driven by: 1) continued market share gains in North America from product range expansion and further store penetration for existing wholesale customers; 2) the gradual success of the U.K. expans...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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