A director at GWA Group Limited bought 90,000 shares at 1.636AUD and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The independent financial analyst theScreener just lowered the general evaluation of GWA GROUP (AU), active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date May 28, 2021, the c...
We increase our fair value estimate of narrow-moat GWA by 4% to AUD 2.90 per share, following a transfer of analyst. We continue to forecast a five-year sales CAGR of 6% inclusive of incremental revenues from the Methven acquisition. However, increasing competitive pressures for GWA’s bathrooms & kitchens segment lead us to reduce our EBIT margin expectations, which we expect to reach 18.5% at midcycle, down from 21.7% in fiscal 2018. But the valuation impact of our lowered margin expectations...
GWA Group’s sanitary-ware and bathroom fitting products enjoy strong reputation and brand awareness in the Australian market--particularly the Caroma brand. Good distribution channel relationships also underpin the firm’s strong competitive position. But competition is heating up with new entrants such as Spain’s Roca eyeing the fast-growing Asia Pacific region including Australia and have achieved access to local distribution channels. We expect GWA’s margins to come under pressure as t...
We increase our fair value estimate of narrow-moat GWA by 4% to AUD 2.90 per share, following a transfer of analyst. We continue to forecast a five-year sales CAGR of 6% inclusive of incremental revenues from the Methven acquisition. However, increasing competitive pressures for GWA’s bathrooms & kitchens segment lead us to reduce our EBIT margin expectations, which we expect to reach 18.5% at midcycle, down from 21.7% in fiscal 2018. But the valuation impact of our lowered margin expectatio.....
Market share gains offset an otherwise tepid external environment for narrow-moat GWA Group in first-half fiscal 2019, leading to 2.6% top-line growth in an otherwise flat bathroom and kitchen fixtures and fittings market. While we’ve modestly upgraded our full-year top-line expectations by a marginal 20 basis points and now expect 8.4% sales growth in fiscal 2019, including Methven, our full-year EBIT expectations of AUD 77.4 million remain largely unchanged. Our fair value estimate of AUD 2....
Market share gains offset an otherwise tepid external environment for narrow-moat GWA Group in first-half fiscal 2019, leading to 2.6% top-line growth in an otherwise flat bathroom and kitchen fixtures and fittings market. While we’ve modestly upgraded our full-year top-line expectations by a marginal 20 basis points and now expect 8.4% sales growth in fiscal 2019, including Methven, our full-year EBIT expectations of AUD 77.4 million remain largely unchanged. Our fair value estimate of AUD 2....
GWA is a leading manufacturer and distributor of building and household fittings. The company is well managed with strong brands, but end markets are competitive. Brand strength is high, with Australia's best-known bathroom product brands, including Caroma, Dorf, and Fowler. GWA also enjoys competitive advantages stemming from its established distribution channels, scale, and emphasis on product development. Earnings are buffeted by residential and commercial building cycles. Additional pressure...
Market share gains offset an otherwise tepid external environment for narrow-moat GWA Group in first-half fiscal 2019, leading to 2.6% top-line growth in an otherwise flat bathroom and kitchen fixtures and fittings market. While we’ve modestly upgraded our full-year top-line expectations by a marginal 20 basis points and now expect 8.4% sales growth in fiscal 2019, including Methven, our full-year EBIT expectations of AUD 77.4 million remain largely unchanged. Our fair value estimate of AUD 2....
Our fair value estimate for narrow-moat GWA Group is unaffected by the acquisition of NZX-listed Methven. GWA Group will pay NZD 118 million, or NZD 1.60 per share, representing a 39% premium over Methven’s Dec. 13 closing price. The transaction therefore proceeds at 10.1 times EV/EBITDA or 7.4 times inclusive of deal synergies. Nonetheless, we believe GWA have paid a fair price with the deal value neutral for GWA shareholders. With Methven’s board unanimously recommending its shareholders v...
Our fair value estimate for narrow-moat GWA Group is unaffected by the acquisition of NZX-listed Methven. GWA Group will pay NZD 118 million, or NZD 1.60 per share, representing a 39% premium over Methven’s Dec. 13 closing price. The transaction therefore proceeds at 10.1 times EV/EBITDA or 7.4 times inclusive of deal synergies. Nonetheless, we believe GWA have paid a fair price with the deal value neutral for GWA shareholders. With Methven’s board unanimously recommending its shareholders v...
Our fair value estimate for narrow-moat GWA Group is unaffected by the acquisition of NZX-listed Methven. GWA Group will pay NZD 118 million, or NZD 1.60 per share, representing a 39% premium over Methven’s Dec. 13 closing price. The transaction therefore proceeds at 10.1 times EV/EBITDA or 7.4 times inclusive of deal synergies. Nonetheless, we believe GWA have paid a fair price with the deal value neutral for GWA shareholders. With Methven’s board unanimously recommending its shareholders v...
Our fair value estimate for narrow-moat GWA Group is unaffected by the acquisition of NZX-listed Methven. GWA Group will pay NZD 118 million, or NZD 1.60 per share, representing a 39% premium over Methven’s Dec. 13 closing price. The transaction therefore proceeds at 10.1 times EV/EBITDA or 7.4 times inclusive of deal synergies. Nonetheless, we believe GWA have paid a fair price with the deal value neutral for GWA shareholders. With Methven’s board unanimously recommending its shareholders v...
First-quarter fiscal 2019 results for narrow-moat GWA Group were broadly in line with our expectations. Revenues rose 2% in the first quarter, marginally ahead of our expectations for growth of about 1% for the full year. Operating margins remained steady, also in line with our expectations for a full-year fiscal 2019 EBIT margin of roughly 21%, similar to fiscal 2018’s result. We maintain our fair value estimate of AUD 2.80 per share. GWA’s shares currently trade at a slight 7% discount to ...
First-quarter fiscal 2019 results for narrow-moat GWA Group were broadly in line with our expectations. Revenues rose 2% in the first quarter, marginally ahead of our expectations for growth of about 1% for the full year. Operating margins remained steady, also in line with our expectations for a full-year fiscal 2019 EBIT margin of roughly 21%, similar to fiscal 2018’s result. We maintain our fair value estimate of AUD 2.80 per share. GWA’s shares currently trade at a slight 7% discount to ...
We increase our fair value estimate for narrow-moat-rated GWA Group to AUD 2.80 from AUD 2.65 following the release of fiscal 2018 results, which saw the firm grow net profit after tax, or NPAT, by 1.1% to AUD 54 million, in line with our forecast. We are now more optimistic on the bathrooms and kitchens division's ability to grow share in the higher-margin repair and remodel segment. However, despite small positive adjustments to our near-term housing forecasts, we continue to expect softer hou...
We increase our fair value estimate for narrow-moat-rated GWA Group to AUD 2.80 from AUD 2.65 following the release of fiscal 2018 results, which saw the firm grow net profit after tax, or NPAT, by 1.1% to AUD 54 million, in line with our forecast. We are now more optimistic on the bathrooms and kitchens division's ability to grow share in the higher-margin repair and remodel segment. However, despite small positive adjustments to our near-term housing forecasts, we continue to expect softer hou...
GWA is a leading manufacturer and distributor of building and household fittings. The company is well managed with strong brands, but end markets are competitive. Brand strength is high, with Australia's best-known bathroom product brands, including Caroma, Dorf, and Fowler. GWA also enjoys competitive advantages stemming from its established distribution channels, scale, and emphasis on product development. Earnings are buffeted by residential and commercial building cycles. Additional pressure...
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