ASX:FWD

Stock Analysis Report

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Executive Summary

Fleetwood Corporation Limited engages in the design, manufacture, and sale of manufactured modular accommodation in Australia and New Zealand. More Details


Snowflake Analysis

Flawless balance sheet with reasonable growth potential.


Similar Companies

Share Price & News

How has Fleetwood's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FWD has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

FWD

-1.6%

AU Consumer Durables

-0.3%

AU Market


1 Year Return

-19.4%

FWD

56.9%

AU Consumer Durables

-6.9%

AU Market

Return vs Industry: FWD underperformed the Australian Consumer Durables industry which returned 56.9% over the past year.

Return vs Market: FWD underperformed the Australian Market which returned -6.9% over the past year.


Shareholder returns

FWDIndustryMarket
7 Day0%-1.6%-0.3%
30 Day5.2%9.3%3.7%
90 Day19.6%15.0%3.8%
1 Year-13.9%-19.4%59.8%56.9%-3.5%-6.9%
3 Year-14.6%-25.6%56.5%47.4%18.1%3.0%
5 Year40.9%20.8%241.4%198.5%44.2%15.1%

Price Volatility Vs. Market

How volatile is Fleetwood's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Fleetwood undervalued compared to its fair value and its price relative to the market?

14.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FWD (A$1.83) is trading below our estimate of fair value (A$2.15)

Significantly Below Fair Value: FWD is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: FWD is unprofitable, so we can't compare its PE Ratio to the AU Consumer Durables industry average.

PE vs Market: FWD is unprofitable, so we can't compare its PE Ratio to the Australian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FWD's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FWD is good value based on its PB Ratio (0.8x) compared to the AU Consumer Durables industry average (3.2x).


Next Steps

Future Growth

How is Fleetwood forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

59.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FWD is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.3%).

Earnings vs Market: FWD is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: FWD's is expected to become profitable in the next 3 years.

Revenue vs Market: FWD's revenue (4.7% per year) is forecast to grow faster than the Australian market (4.6% per year).

High Growth Revenue: FWD's revenue (4.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FWD's Return on Equity is forecast to be low in 3 years time (7.8%).


Next Steps

Past Performance

How has Fleetwood performed over the past 5 years?

37.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FWD is currently unprofitable.

Growing Profit Margin: FWD is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: FWD is unprofitable, but has reduced losses over the past 5 years at a rate of 37.8% per year.

Accelerating Growth: Unable to compare FWD's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: FWD is unprofitable, making it difficult to compare its past year earnings growth to the Consumer Durables industry (-1.8%).


Return on Equity

High ROE: FWD has a negative Return on Equity (-0.8%), as it is currently unprofitable.


Next Steps

Financial Health

How is Fleetwood's financial position?


Financial Position Analysis

Short Term Liabilities: FWD's short term assets (A$157.6M) exceed its short term liabilities (A$79.1M).

Long Term Liabilities: FWD's short term assets (A$157.6M) exceed its long term liabilities (A$18.1M).


Debt to Equity History and Analysis

Debt Level: FWD is debt free.

Reducing Debt: FWD has no debt compared to 5 years ago when its debt to equity ratio was 28.7%.

Debt Coverage: FWD has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: FWD has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Fleetwood current dividend yield, its reliability and sustainability?

2.73%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FWD's dividend (2.73%) is higher than the bottom 25% of dividend payers in the Australian market (2.09%).

High Dividend: FWD's dividend (2.73%) is low compared to the top 25% of dividend payers in the Australian market (5.45%).


Stability and Growth of Payments

Stable Dividend: FWD's dividend payments have been volatile in the past 10 years.

Growing Dividend: FWD's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: FWD is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: FWD's dividends in 3 years are forecast to be well covered by earnings (30% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.0yrs

Average management tenure


CEO

Brad Denison (48 yo)

6.17yrs

Tenure

AU$754,519

Compensation

Mr. Bradley Raymond Denison, also known as Brad, BCOMM, FCPA, M.A.I.C.D., has been the Managing Director, Chief Executive Officer and Executive Director of Fleetwood Corporation Limited since August 1, 201 ...


CEO Compensation Analysis

Compensation vs Market: Brad's total compensation ($USD536.60K) is above average for companies of similar size in the Australian market ($USD277.63K).

Compensation vs Earnings: Brad's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Bradley Denison
MD, CEO & Executive Director6.17yrsAU$754.52k0.20%
A$ 350.4k
Andrew Wackett
CFO & Company Secretary3.33yrsAU$410.36kno data
Elizabeth Maynard
General Counsel & Company Secretary2.08yrsAU$320.27kno data
Manuel Larre
Chief Operating Officer of RV Solutionsno dataAU$370.14kno data
Dominic Letts
Chief Operating Officer of Accommodation Solutions2.75yrsAU$446.88kno data
Jason Kunkler
Chief Operating Officer of Building Solutions0.33yrAU$400.85kno data
Andrew McCormack
General Manager of WHSE & Human Resource6.25yrsno datano data
David Robertson
Chief Executive Officer of Fleetwood Parksno dataAU$173.17kno data

3.0yrs

Average Tenure

Experienced Management: FWD's management team is considered experienced (3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Bradley Denison
MD, CEO & Executive Director6.17yrsAU$754.52k0.20%
A$ 350.4k
Jeffrey Dowling
Non-Executive Director3.25yrsAU$90.00k0.053%
A$ 92.5k
Martin Monro
Independent Non-Executive Director0.33yrAU$7.50kno data
Phillip Campbell
Independent Non-Executive Chairman4.17yrsAU$140.00k0.027%
A$ 48.1k
Adrienne Parker
Independent Non-Executive Director3.17yrsAU$90.00k0.0088%
A$ 15.3k
Mark Southey
Independent Non-Executive Director2yrsAU$100.26k0.016%
A$ 27.7k

3.2yrs

Average Tenure

Experienced Board: FWD's board of directors are considered experienced (3.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Fleetwood Corporation Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fleetwood Corporation Limited
  • Ticker: FWD
  • Exchange: ASX
  • Founded: 1964
  • Industry: Homebuilding
  • Sector: Consumer Durables
  • Market Cap: AU$175.030m
  • Shares outstanding: 94.61m
  • Website: https://www.fleetwoodcorporation.com.au

Number of Employees


Location

  • Fleetwood Corporation Limited
  • 21 Regal Place
  • East Perth
  • Western Australia
  • 6004
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FWDASX (Australian Securities Exchange)YesOrdinary SharesAUAUDJan 1992
FWDCHIA (Chi-X Australia)YesOrdinary SharesAUAUDJan 1992

Biography

Fleetwood Corporation Limited engages in the design, manufacture, and sale of manufactured modular accommodation in Australia and New Zealand. It operates through three segments: RV Solutions, Building Sol ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/26 10:36
End of Day Share Price2020/10/26 00:00
Earnings2020/06/30
Annual Earnings2020/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.