Improving Distribution Margins Drive Strong 1H for Breville. FVE Lifted by 6%.
Narrow-moat Breville’s strong operating momentum has continued into the first half of fiscal 2018. We have lifted our fair value estimate by 6% to AUD 9 per share to reflect stronger long-term margins in the distribution segment, and further market share gains in North America.Underlying net profit after tax, or NPAT, rose by 12% on the previous corresponding period, or pcp, to AUD 38 million, broadly in line with our expectations. The solid performance was driven by continued offshore growth, ...
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