Market Share Gains To Drive Growth in Fiscal 2019 For GWA Group Despite Tepid External Environment
Our fair value estimate for narrow-moat GWA Group is unaffected by the acquisition of NZX-listed Methven. GWA Group will pay NZD 118 million, or NZD 1.60 per share, representing a 39% premium over Methven’s Dec. 13 closing price. The transaction therefore proceeds at 10.1 times EV/EBITDA or 7.4 times inclusive of deal synergies. Nonetheless, we believe GWA have paid a fair price with the deal value neutral for GWA shareholders. With Methven’s board unanimously recommending its shareholders vote ...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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