Market Share Gains Offset Weakening External Environment For GWA Group in 1H 2019; FVE Unchanged
Market share gains offset an otherwise tepid external environment for narrow-moat GWA Group in first-half fiscal 2019, leading to 2.6% top-line growth in an otherwise flat bathroom and kitchen fixtures and fittings market. While we’ve modestly upgraded our full-year top-line expectations by a marginal 20 basis points and now expect 8.4% sales growth in fiscal 2019, including Methven, our full-year EBIT expectations of AUD 77.4 million remain largely unchanged. Our fair value estimate of AUD 2.80...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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