Nippon Paint's Generous All-Cash Offer for Narrow-moat Dulux Likely To Entice Shareholders
We reduce our fair value estimate for narrow-moat Dulux by 20% to AUD 6.00 per share, following a transfer of analyst. We forecast a five-year revenue CAGR of 3.6%, which, while resilient in the face of a challenging two-year outlook for hardware retailing and residential alteration and addition work generally, is lower than our prior forecast of 4.9%. Despite expectations for continued paint volume growth over the coming two years, we’re more bearish on the outlook for Dulux’s more housing cycl...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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