Dulux Keeps Delivering Earnings Growth Despite Slowing Housing Construction
Narrow-moat-rated Dulux rarely disappoints, and fiscal 2018 was no exception. Underlying net profit after tax grew 4% in fiscal 2018 to AUD 146 million, in line with our expectations. This performance was supported by a resilient maintenance and home improvement market and continued strength in new housing construction. We maintain our AUD 7.50 per share fair value estimate; at current levels, the shares appear fairly valued. The board declared a final dividend of AUD 14 cents per share. This ta...DuluxGroup is engaged in the manufacture, marketing, manufacture, marketing, sale and distribution of branded paint, coatings, adhesives, garden care and other building products to the residential home improvement, commercial and infrastructure markets across Australia, New Zealand and Papua New Guinea, China, South East Asia and the U.K. Co. supplies paints and coatings under the Dulux brand; consumer and construction products under the Selleys and Parchem brands; cabinet and architectural hardware under the Blum, Hera, SecureView, Assa Abloy and Breezway brands; and Yates garden care and home improvement products.
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