Maintaining our FVE After Transition Coverage of GWA; Shares Remain Overvalued
We maintain our AUD 2.20 fair value estimate for narrow-moat GWA Group after transitioning coverage to a new analyst. We still believe GWA brand strength is considerable, with names such as Caroma, Dorf, Fowler, Stylus, Radiant, and Clark among the most recognisable to consumers and builders in Australia. However, shares continue to trade above our fair value estimate, and we believe the market is underestimating the likely impact of falling housing starts, which we expect to decline at a compou...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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