GWA: flush with opportunity?

Following a restructure, GWA appears to be sitting pretty, but does it make the grade as a Buy?

It is known by many names: loo, dunny, latrine, throne, john, potty and can are just a few of them. My favourite, made infamous by former Merrill Lynch boss John Thain who spent $35,000 on his masterpiece, is commode. Yes, we have many names for the humble toilet. Few, however, would think of toilets as a great business.

Yet GWA, the owner of the Caroma brand, boasts wonderful returns from making and selling toilets over a long time. For most of that time, however, these results have been obscured by less illustrious businesses in the GWA portfolio.



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