DuluxGroup's strong paint brands operate in an attractive oligopoly market structure.
We increase our fair value estimate for narrow-moat Dulux by 7% to AUD 7.50 per share following the release of the firm’s fiscal 2017 full-year result. Underlying net profit after tax rose by 7% to AUD 140 million, marginally ahead of our expectations. The company continues to execute well in its core decorative paint business in Australia and New Zealand, driven primarily by steady renovation and remodelling activity for existing homes rather than the cyclical new home construction market. The ...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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