GUD Continues to Shed Dead Weight; Analyst Coverage Transferred and FVE Lifted to AUD 10.50
We transfer analyst coverage of no-moat-rated GUD and raise our fair value estimate to AUD 10.50 per share from AUD 8.50. This follows a stronger earnings outlook, reduced capital expenditure requirements given the divestiture of cash-hungry businesses, and lower cost of capital assumptions. The stock remains overvalued relative to our revised intrinsic assessment. In our view, the market appears to be extrapolating double-digit EPS growth and/or overestimating the likelihood and magnitude of Oa...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.
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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