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General Information

DuluxGroup Limited
DLX
http://www.duluxgroup.com.au
Specialty Chemicals
2,607
389

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$6.71 $6.55 $6.74 $6.53 $6.50 1491029 $0.21 ( 3.23% )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Hold
23/04/2015
4

Company Overview

Business Description
DuluxGroup Limited (DLX) is engaged in manufacturing, marketing, selling and distribution of branded paint, coatings, adhesives, garden care and other building products to the residential home improvement, commercial and infrastructure markets across Australia, New Zealand and Papua New Guinea, China and South East Asia. DLX operates mainly in Paints and Coatings ANZ, Consumer and Construction Products, Garage Doors & Openers, Cabinet Hardware and Architectural Hardware and Other businesses segments.
Strategy Analysis
DLX's strategy to protect and expand the market leading positions occupied by many of its brands in Australia and New Zealand. DLX´s focus is primarily on the premium end of the decorative paints and coatings market, ensuring a level of resilience during periods of weaker economic conditions. The acquisition of Alesco adds leverage to a recovery in new housing. The company has built an extensive distribution network of retail outlets through strong relationships with key players in the hardware and supermarket sectors. DuluxGroup reported NPAT down 4% to $89.49m for the year ended 30 September 2012. Revenues from ordinary activities were $1.07bn, up 7% from last year. Diluted EPS was 24.3 cents compared to 25.7 cents last year. Net operating cash flow was $116.53m compared to $85.44m last year. The final dividend declared was 8.0 cents, taking the full year dividend to 15.5 cents compared with 15.0 cents last year. On 30 April 2012, the group acquired 19.96% of the shares in Alesco Corporation for a cash consideration of $37.6m. The interest was acquired preceding the group's off-market takeover offer for the remaining shares in Alesco announced on 1 May 2012. Transaction costs of $3.6m associated with this takeover offer are included in the results of the group for the financial year ended 30 September 2012. These costs are primarily related to consulting and legal fees.

Financial Summary

Year to Sep NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 129.3 34.0 9.2% 19.8 23.4 3.5% 100.0%
2015 F 118.4 31.1 5.8% 21.6 21.5 3.2% 100.0%
2014 A 111.9 29.4 7.9% 18.6 20.5 3.7% 100.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
DuluxGroup (DLX) $2,526M 0.1293 0.1314 0.0500 22.8311 20.1801 19.2194 3.15% 3.53% 3.67%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 1.18 21.90 8.82 2.44
Market 0.91 16.80 1.31 2.35
Sector 0.60 13.70 0.69 1.26

Directors

Name Position Start Date
Mr Stuart Boxer Chief Financial Officer, Executive Director 02/08/2010
Mr Patrick Houlihan Managing Director, Chief Executive Officer 29/04/2010
Mr Peter Maxwell Kirby Non-Executive Chairman 08/07/2010
Mr Andrew James Paget Larke Non-Executive Director 01/10/2010
Ms Chew Gaik Hean Non-Executive Director 02/08/2010
Mr Garry Arthur Hounsell Non-Executive Director 08/07/2010
Ms Judith Swales Non-Executive Director 11/04/2011

Management

Name Position
Simon Black Company Secretary,General Councel
Martin Ward General Manager - Consumer and Construction Products
Alan Preston General Manager - DGL International Asia
Patrick JonesExecutive Gen General Manager - Dulux Paints Australia
Richard Hansen General Manager - Dulux Paints New Zealand
Penny Lovett General Manager - DuluxGroup Human Resources
Brad Hordern General Manager - DuluxGroup Supply Chain
Stephen Cox General Manager - Parchem Construction Chemicals and Equipment
Julia Myers General Manager - Selleys Australia and New Zealand
Jennifer Tucker General Manager - Yates
Tony Bova General Manager- B&D Garage Doors and Openers

Substantial Shareholders

Holding Name
26,262,044 (6.84%) Commonwealth Bank of Australia
20,514,568 (5.35%) Westpac Banking Corp/BT Investment Management Ltd

Calendar of Events

Date Event
13 November 2015 Report (Annual)
11 November 2015 Report (Prelim)
18 May 2015 Report (Interim)
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