Shift Towards Core Automotive Division Yields Strong Interim Results for GUD
We maintain our AUD 10.50 per share fair value estimate for no-moat GUD, following its strong start to fiscal 2018. The company reported an interim underlying EBIT of AUD 40 million, up 12% on the previous corresponding period, or pcp, and in line with our estimates. Despite posting a solid result, we believe the shares are slightly overvalued. The result was driven by continued organic growth in both the core automotive division and the Davey water products segment, coupled with contributions f...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.
We have operations in 27 countries.
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