DuluxGroup's strong paint brands operate in an attractive oligopoly market structure.
We maintain our AUD 7.00 fair value estimate ahead of narrow-moat Dulux’s first-half 2017 result, due on May 17, 2017. We forecast 4% growth in fiscal 2017 EPS to AUD 0.351 and CAGR of 5.5% for fiscal 2017-21. While January 2017 dwelling and apartment approvals were down by 15.5% and 22%, respectively, and in line with our expectations, falling housing completions obscure attractive housing demographics and a forecast rebound in alterations and additions, or A&A, growth over the next five ye...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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