GWA Group 1H17 Result In Line Although Housing To Weigh In 2018; Shares Overvalued
We maintain our fair value estimate of AUD 2.20 per share, following the release of GWA Group’s first-half 2017 result. GWA Group announced first-half 2017 NPAT of AUD 26 million (up 8%), in line with our forecasts, hence we make small changes to our estimates (up 1% in 2017 and 2018). Guidance is for second-half 2017 EBIT to be at or slightly ahead of first-half 2017 EBIT. Despite apartment activity boosting earnings in the short term, the domestic housing cycle is rolling over and we consider ...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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