Morningstar - G.U.D. Holdings Ltd. (GUD) Earnings growth will be driven by acquisitions, operational improvement, and efficiency gains.

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Morningstar

Daniel Ragonese

EUR 101.80 For Business Accounts Only

Earnings growth will be driven by acquisitions, operational improvement, and efficiency gains.

We maintain our AUD 8.50 per share fair value estimate for no-moat-rated GUD Holdings, following the companyâ€™s decision to divest the Dexion division. In fiscal 2016, the business accounted for 25% of group revenue but reported an AUD 4 million EBIT loss. Dexion was sold to Tech-Link Storage Engineering for a meagre AUD 7.5 million. The sale price starkly shows the value destruction with this business which was purchased for AUD 84 million back in 2010. Shares in GUD are currently overvalued rel...

27/07/2017 12 EN

Underlying

G.U.D. Holdings Ltd.

GUD Holdings is engaged in the manufacture and importation, distribution and sale of cleaning products, household appliances, warehouse racking, industrial storage solutions, office storage products, automotive products, locking devices, pumps, pool and spa systems, and water pressure systems, with operations in Australia, New Zealand, France, Spain, China, Malaysia and Hong Kong. Co.'s reportable segments are Oates, Automotive (Ryco, Wesfil, Goss), Davey, Dexion, and Lock Focus.

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AU000000GUD2 Australian Securities Exchange Australia

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Daniel Ragonese

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Earnings growth will be driven by acquisitions, operational improvement, and efficiency gains.

Monthly LMI Update Independent Investment Research

With a more favourable environment, GUD HOLDINGS improves to Slightly Positive

Feasibility Study Results in December to be a Catalyst for this Junior

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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