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 general evaluation of DULUXGROUP LTD. (AU), a company active in the Specialty Chemicals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date August 6, 2019, the closing price was AUD...
With previously announced interim and special dividends totaling AUD 0.43 per share now in the hands of shareholders, we reduce our fair value estimate for narrow-moat Dulux by the same amount to AUD 9.37 per share. Nippon Paint’s AUD 9.80 per share offer for Dulux is inclusive of these now paid dividends. This leaves AUD 9.37 per share in cash to be received by Dulux shareholders should the deal be approved in late July. With antitrust clearances in Australia and New Zealand now obtained, Dul...
With previously announced interim and special dividends totaling AUD 0.43 per share now in the hands of shareholders, we reduce our fair value estimate for narrow-moat Dulux by the same amount to AUD 9.37 per share. Nippon Paint’s AUD 9.80 per share offer for Dulux is inclusive of these now paid dividends. This leaves AUD 9.37 per share in cash to be received by Dulux shareholders should the deal be approved in late July. With antitrust clearances in Australia and New Zealand now obtained, Dul...
With previously announced interim and special dividends totaling AUD 0.43 per share now in the hands of shareholders, we reduce our fair value estimate for narrow-moat Dulux by the same amount to AUD 9.37 per share. Nippon Paint’s AUD 9.80 per share offer for Dulux is inclusive of these now paid dividends. This leaves AUD 9.37 per share in cash to be received by Dulux shareholders should the deal be approved in late July. With antitrust clearances in Australia and New Zealand now obtained, Dul...
Declining paint volumes saw sales growth flatten for narrow-moat Dulux in first-half fiscal 2019. Weak markets also impacted the sealants & adhesives and Lincoln Sentry segments. First-half adjusted net income was AUD 71.1 million, down 4.1% from a year earlier. But Dulux believes a return to growth will occur in the second half and they continue to guide to full-year net income of at least AUD 151 million. We see this as ambitious given the soft first half which we feel is more indicative o...
Declining paint volumes saw sales growth flatten for narrow-moat Dulux in first-half fiscal 2019. Weak markets also impacted the sealants & adhesives and Lincoln Sentry segments. First-half adjusted net income was AUD 71.1 million, down 4.1% from a year earlier. But Dulux believes a return to growth will occur in the second half and they continue to guide to full-year net income of at least AUD 151 million. We see this as ambitious given the soft first half which we feel is more indicative of cy...
Declining paint volumes saw sales growth flatten for narrow-moat Dulux in first-half fiscal 2019. Weak markets also impacted the sealants & adhesives and Lincoln Sentry segments. First-half adjusted net income was AUD 71.1 million, down 4.1% from a year earlier. But Dulux believes a return to growth will occur in the second half and they continue to guide to full-year net income of at least AUD 151 million. We see this as ambitious given the soft first half which we feel is more indicative o...
We recommend shareholders vote in favour of Nippon Paint Holdings Co’s, or Nippon’s, all cash takeover offer of AUD 9.80 per share to acquire 100% of narrow-moat DuluxGroup’s outstanding shares. The deal appears generous and represents a 28% premium to Dulux’s closing price on April 16, 2019. We fully anticipate Nippon will be successful given the substantial deal premium and a relative absence of anti-trust or funding issues that could stymie the proposal. Therefore, we raise our fair v...
We recommend shareholders vote in favour of Nippon Paint Holdings Co’s, or Nippon’s, all cash takeover offer of AUD 9.80 per share to acquire 100% of narrow-moat DuluxGroup’s outstanding shares. The deal appears generous and represents a 28% premium to Dulux’s closing price on April 16, 2019. We fully anticipate Nippon will be successful given the substantial deal premium and a relative absence of anti-trust or funding issues that could stymie the proposal. Therefore, we raise our fair v...
We recommend shareholders vote in favour of Nippon Paint Holdings Co’s, or Nippon’s, all cash takeover offer of AUD 9.80 per share to acquire 100% of narrow-moat DuluxGroup’s outstanding shares. The deal appears generous and represents a 28% premium to Dulux’s closing price on April 16, 2019. We fully anticipate Nippon will be successful given the substantial deal premium and a relative absence of anti-trust or funding issues that could stymie the proposal. Therefore, we raise our fair v...
We recommend shareholders vote in favour of Nippon Paint Holdings Co’s, or Nippon’s, all cash takeover offer of AUD 9.80 per share to acquire 100% of narrow-moat DuluxGroup’s outstanding shares. The deal appears generous and represents a 28% premium to Dulux’s closing price on April 16, 2019. We fully anticipate Nippon will be successful given the substantial deal premium and a relative absence of anti-trust or funding issues that could stymie the proposal. Therefore, we raise our fair v...
We reduce our fair value estimate for narrow-moat Dulux by 20% to AUD 6.00 per share, following a transfer of analyst. We forecast a five-year revenue CAGR of 3.6%, which, while resilient in the face of a challenging two-year outlook for hardware retailing and residential alteration and addition work generally, is lower than our prior forecast of 4.9%. Despite expectations for continued paint volume growth over the coming two years, we’re more bearish on the outlook for Dulux’s more housing ...
We reduce our fair value estimate for narrow-moat Dulux by 20% to AUD 6.00 per share, following a transfer of analyst. We forecast a five-year revenue CAGR of 3.6%, which, while resilient in the face of a challenging two-year outlook for hardware retailing and residential alteration and addition work generally, is lower than our prior forecast of 4.9%. Despite expectations for continued paint volume growth over the coming two years, we’re more bearish on the outlook for Dulux’s more housing ...
We reduce our fair value estimate for narrow-moat Dulux by 20% to AUD 6.00 per share, following a transfer of analyst. We forecast a five-year revenue CAGR of 3.6%, which, while resilient in the face of a challenging two-year outlook for hardware retailing and residential alteration and addition work generally, is lower than our prior forecast of 4.9%. Despite expectations for continued paint volume growth over the coming two years, we’re more bearish on the outlook for Dulux’s more housing ...
We reduce our fair value estimate for narrow-moat Dulux by 20% to AUD 6.00 per share, following a transfer of analyst. We forecast a five-year revenue CAGR of 3.6%, which, while resilient in the face of a challenging two-year outlook for hardware retailing and residential alteration and addition work generally, is lower than our prior forecast of 4.9%. Despite expectations for continued paint volume growth over the coming two years, we’re more bearish on the outlook for Dulux’s more housing ...
Narrow-moat-rated Dulux rarely disappoints, and fiscal 2018 was no exception. Underlying net profit after tax grew 4% in fiscal 2018 to AUD 146 million, in line with our expectations. This performance was supported by a resilient maintenance and home improvement market and continued strength in new housing construction. We maintain our AUD 7.50 per share fair value estimate; at current levels, the shares appear fairly valued. The board declared a final dividend of AUD 14 cents per share. This ta...
Narrow-moat-rated Dulux rarely disappoints, and fiscal 2018 was no exception. Underlying net profit after tax grew 4% in fiscal 2018 to AUD 146 million, in line with our expectations. This performance was supported by a resilient maintenance and home improvement market and continued strength in new housing construction. We maintain our AUD 7.50 per share fair value estimate; at current levels, the shares appear fairly valued. The board declared a final dividend of AUD 14 cents per share. This ta...
Narrow-moat-rated Dulux rarely disappoints, and fiscal 2018 was no exception. Underlying net profit after tax grew 4% in fiscal 2018 to AUD 146 million, in line with our expectations. This performance was supported by a resilient maintenance and home improvement market and continued strength in new housing construction. We maintain our AUD 7.50 per share fair value estimate; at current levels, the shares appear fairly valued. The board declared a final dividend of AUD 14 cents per share. This ta...
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