Bathrooms and Kitchens Are Taking Share, But Narrow-Moat GWA Group Remains Overvalued
We increase our fair value estimate for narrow-moat-rated GWA Group to AUD 2.80 from AUD 2.65 following the release of fiscal 2018 results, which saw the firm grow net profit after tax, or NPAT, by 1.1% to AUD 54 million, in line with our forecast. We are now more optimistic on the bathrooms and kitchens division's ability to grow share in the higher-margin repair and remodel segment. However, despite small positive adjustments to our near-term housing forecasts, we continue to expect softer hou...GWA Group is engaged in the research, design, manufacture, import and marketing of building fixtures and fittings to residential and commercial premises and the distribution of these various products through a range of distribution channels in Australia, New Zealand and selected international markets. Co.'s business segments are: Bathrooms and Kitchens, which includes vitreous china toilet suites, basins, plastic cisterns, tapware, baths, kitchen sinks, laundry tubs, and bathroom accessories; and Door and Access Systems, which includes door locks and levers and supply and maintenance of commercial door systems.
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