Godfreys Group Initiation Report
​Godfreys Group is an Australian specialist floorcare and accessories retailer with a history dating back to 1931. The company has operations in both Australia and New Zealand spread across a network of 222 company-branded stores. Market perception of the company has been negative as of late due to management turnover and disappointing FY16 like-for-like sales growth. Our view is that Godfreys can resume their historic path, albeit, at a slower pace. Our adopted valuation of $1.82/sh represents an 80% premium to the current share price.
Godfreys Group is a retailer and wholesaler of domestic and commercial floorcare and associated cleaning products in Australia and New Zealand. Main product categories provided include vacuum cleaners, carpet shampoo machines, steam cleaners, general cleaning merchandise, accessories, repairs and services. Co. provides a range of Co.-owned brands (including Sauber, Wertheim and Pullman), a licensed brand (Hoover) and third party brands (such as Vorwerk, Shark, Bissell, Miele and Electrolux). As of July 1, 2016, Co. had 222 stores (141 Co.-owned and 81 franchised).
NZA Research Partners is a Sydney, Australia based independent research company that seeks to help small to mid cap companies increase engagement with investors and the financial community.
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