DuluxGroup's strong paint brands operate in an attractive oligopoly market structure.
We maintain our fair value estimate for narrow-moat-rated Dulux at AUD 7.00 following the release of the company’s first-half result, which met our expectations. The share price has performed well this year, rising around 16%, which has closed the share price discount to our fair value estimate. At the current price of AUD 6.95, Dulux is fairly valued, although we believe the company remains an attractive takeover target, given its iconic brand and market leadership. Recent industry merger and a...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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