No Surprises in GUD’s Fiscal 2018 Result; FVE Lifted by 5% to AUD 11 Per Share
We increase our fair value estimate for no-moat GUD by 5% to AUD 11 per share after rolling our model forward to reflect the firm’s fiscal 2018 results. The company’s underlying EPS (from continuing operations) rose by 20% on the prior year to AUD 0.64, marginally below our AUD 0.66 forecast. The core automotive division (90% of group EBITDA) was the main driver of the strong earnings growth, continuing to deliver above-market growth rates, in line with our expectations. The board declared a fin...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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