GWA Shares Look Expensive With Formidable Competitors Eyeing Growth in Asia-Pacific Region
We increase our fair value estimate of narrow-moat GWA by 4% to AUD 2.90 per share, following a transfer of analyst. We continue to forecast a five-year sales CAGR of 6% inclusive of incremental revenues from the Methven acquisition. However, increasing competitive pressures for GWA’s bathrooms & kitchens segment lead us to reduce our EBIT margin expectations, which we expect to reach 18.5% at midcycle, down from 21.7% in fiscal 2018. But the valuation impact of our lowered margin expectatio...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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