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GWA International Limited (GWT) |
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| Company Name: |
GWA International Limited |
| Stock Code: |
GWT |
| Website: |
www.gwail.com.au |
| Market Cap ($M): |
909 |
| Equiv. Shares (M): |
301 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 3.020 |
$ 3.030 |
$ 3.050 |
$ 3.010 |
$ 3.070
|
279,775 |
$ -0.050 -1.629 %
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
19th Jul 2010 |
| 12 Month Target Price (average) : |
$3.419 |
| Brokers Surveyed : |
8 |
|
| % of Market: |
0.0719 |
| % of Sector: |
3.0137 |
| Sector: |
Industrials |
| Industry Group: |
Capital Goods |
| Industry: |
Building Products |
|
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|
| Company Overview |
| GWA International Ltd (GWT) conducts research, design, manufacturing, importing and marketing of household consumer products, and distribution of through a range of channels in Australia and sales offices overseas. Products include bathroom products, lawn and garden care equipment, homeware, hot water systems, commercial furniture and accessories. GWA International Limited comprises six business divisions, Caroma, Dorf, Clark, Dux, Gainsborough, Rover and Sebel. |
| Company History |
| In 1982, GWT purchased the Caroma, Sebel and Rover businesses. This was followed by the acquisition of Poolrite in 1988. The company listed in 1993. In 1996, GWT acquired Gainsborough, which was followed by the purchase of Fowler from James Hardie in 1997. Growth through acquisition has continued with the 1999 purchases of Email's Kitchen and Bathroom division and Wisa Beheer BV of the Netherlands. In 1999, GWT sold the Poolrite business. |
| Differentiating Factor |
| GWT's dominant position in bathroom products is a key differentiating factor. In addition, the company's ability to leverage off a national distribution network and feeding add-on products through a common fixed cost base have delivered superior rates of return to those of its competitors. |
| Major Customers & Competitors |
| GWT has a diverse customer base. The company services the major housing products retailers and trade suppliers, including Wesfarmers (Bunnings), Mitre 10, Harvey Norman, Tradelink and Reece. The company also supplies directly to major customers, particularly in the Sebel furniture operations. GWT's major competitors in the sanitary ware, taps and bathroom fittings segments are now chiefly imported product lines (including "home brand" offerings by Reece and Crane's Tradelink retail networks). |
|
Year to Jun
|
NPAT
Rep $M |
NPAT1
Adj $M |
EPS
c |
EPS chg
% |
PER
x |
PER rel
All Ords x |
PER rel
Sector x |
DPS
c |
Yield
% |
Franking
% |
ROE
% |
| 2007A |
56.3 |
61.4 |
21.9 |
1.9 |
13.8 |
n/a |
n/a |
17.9 |
5.9 |
100.0 |
15.0 |
| 2008A |
45.9 |
60.2 |
21.5 |
-1.8 |
14.0 |
n/a |
n/a |
19.5 |
6.5 |
100.0 |
15.5 |
| 2009A |
48.3 |
51.2 |
17.9 |
-16.7 |
16.9 |
1.6 |
2.1 |
18.0 |
6.0 |
100.0 |
12.0 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| GWA International |
GWT |
$3.02 |
$909M |
12.8277 |
16.2000 |
-16.5300 |
3.9000 |
7.8300 |
6.0000 |
| Crane Group |
CRG |
$8.38 |
$656M |
12.4846 |
16.2000 |
-16.0900 |
-36.3000 |
6.2100 |
4.8000 |
| Hills Industries |
HIL |
$2.21 |
$549M |
10.7830 |
12.7000 |
-46.3100 |
19.2000 |
6.3700 |
5.0000 |
| Hastie Group |
HST |
$1.53 |
$367M |
3.9812 |
8.6000 |
17.2400 |
-44.5000 |
9.4500 |
6.5000 |
| Korvest |
KOV |
$4.80 |
$42M |
5.6129 |
10.0868 |
19.6200 |
-30.0700 |
9.1900 |
6.8800 |
|
| GWT |
-5.3100 |
3.5300 |
12.3500 |
| Sector |
-12.5219 |
-10.7731 |
4.7629 |
| Market |
-6.7540 |
-1.9465 |
7.4232 |
|
| P/E (x) |
FY07 |
13.8 |
n/a |
n/a |
|
FY08 |
14.0 |
n/a |
n/a |
| Yield (%) |
FY07 |
5.9 |
n/a |
n/a |
|
FY08 |
6.5 |
n/a |
n/a |
| EV/EBIT (x) |
FY07 |
9.2 |
n/a |
n/a |
|
FY08 |
9.1 |
n/a |
n/a |
| EV/EBITDA (x) |
FY07 |
7.7 |
n/a |
n/a |
|
FY08 |
9.1 |
n/a |
n/a |
|
| B Thornton |
Non-Executive Chairman |
| J J Kennedy |
Deputy Chairman |
| P Crowley |
Managing Director |
| D R Barry |
Director |
| R M Anderson |
Director |
| G McGrath |
Director |
| B Bartlett |
Director |
| D McDonough |
Non Executive Director |
| R Thornton |
Executive Director |
|
| P Crowley |
Managing Director |
| W Saxelby |
Chief Financial Officer |
|
| 17-Aug-2010 |
Reporting Date for Final Year Result |
| 07-Apr-2010 |
Dividend Date Payable for Half Yearly Result
(9.5c 100% franked)
|
| 19-Mar-2010 |
Dividend Record Date for Half Yearly Result
(9.5c 100% franked)
|
| 15-Mar-2010 |
Dividend Ex-Dividend Date for Half Yearly Result
(9.5c 100% franked)
|
| 16-Feb-2010 |
Reporting Date for Half Yearly Result |
|
|
Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
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