GUD Holdings (GUD)
All research reports and stock updates for GUD Holdings.
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Oldies rule
A much busier FY23 as vehicle owners spent more on their vehicle maintenance and parts has pushed GUD’s result into real growth territory. The integration of APG has required some investment but it is shaping up to make a material contribution.
Out of neutral
The result demonstrates the resilience of the aftermarket and the strength of the non-discretionary products within the Automotive (ex APG) business.
Bogged
The backlog of new vehicle orders in Australia is over 12 months for some brands, causing a lack of aftermarket sales for GUD’s newly acquired APG.
Hitch your wagon
GUD Holding’s portfolio has changed significantly over the years to the point where shareholders from even just a few years ago may not recognise it. With two big recent acquisitions, the company is now dominated by auto products and arguably can no longer be called a conglomerate.