Transferring Coverage of Narrow-Moat Masco; Raising Fair Value Estimate to $33; Shares Fairly Valued
Upon the transfer of coverage to a new analyst, we have taken a fresh look at Masco’s fundamentals and valuation. We are increasing our fair value estimate to $33 from $28 per share. The increase in our fair value estimate is driven by our expectations for stronger growth and profitability over our 10-year forecast horizon. In particular, we think Masco’s investment in the Behr pro paint offering will drive higher sales growth for the decorative architectural segment (about 30% of consolidated s...Masco designs, manufactures and distributes home improvement and building products. The company's Plumbing Products include faucets, showerheads, handheld showers, valves, bath hardware and accessories, bathing units, shower bases and enclosures and toilets. This segment also includes brass, copper and composite plumbing system components and other non-decorative plumbing products. The company's Decorative Architectural Products include cabinet and door hardware, functional hardware, wall plates, hook and hook rail products, and picture hanging accessories. This segment also includes decorative indoor and outdoor lighting fixtures, ceiling fans, landscape lighting and LED lighting systems.
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