GWA Enjoys Market Share Gains in Fiscal 2017, but Residential Construction Outlook Remains Tough
We reiterate our AUD 2.20 per share fair value estimate for narrow-moat GWA Group following full-year results that keep the firm in line with our long-term view. Shares remain overvalued, in our opinion, with investors underestimating downside earnings risk from falling residential construction in Australia.Fiscal 2017 was a solid year for the firm. The company reported 2% full-year revenue growth versus the previous corresponding period, a bit ahead of our prior forecast for flat performance d...
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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