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logoArgus•February 12, 2024

Masco Corporation: Raising target to $85 from $72

Symbols
MAS
Sector(s)
Industrials
Rating
Current Price
$69.85
Price Target
Earnings Estimate
Summary

Masco manufactures home improvement and building products. Following the spinoff of the installation business in 2015, and the recent sale of the Cabinet and Window businesses, Masco has two segments, which had 2023 sales of $8 billion: Plumbing Products, including Delta Faucets (60%) and Decorative Architectural Products, including Behr paint (40%). Approximately 20% of the company's sales are from outside North America, dominated by Hansgrohe plumbing fixtures in the UK and Europe. Plumbing has the most international exposure, about 33%. About 97% of revenue is linked to repair and remodel and 3% to new construction. MAS is one of the biggest suppliers to Home Depot & Lowe's. Some 38% of Masco's 2022 sales were to HD, where Behr paint is a major brand. Lowe's represents less than 10% of Masco's sales. We will

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Analyst Profile

Chris Graja, CFA

Senior Analyst: Retail
Chris covers the Consumer sector for Argus. He was the #1 Stock Picker in the Household Durables sector, winning the 2019 StarMine U.S. Analyst award from Refinitiv. He was the #1 Stock Picker in Food and Staples Retailing, winning back-to-back U.S. Analyst Awards in 2015 and 2016. He received a prestigious Volunteer of the Year award from the New York Society of Security Analysts in 2000. Prior to Argus, Chris spent 16 years at Bloomberg Financial Markets. He was the Director of Training and a Senior Researcher for Bloomberg’s research division before joining the new Bloomberg magazine as Technical Studies Editor in 1993. He rose to Executive Markets Editor of the publishing group. Chris co-authored the book “Investing in Small-Cap Stocks,” which was published in three U.S. editions, an audio book, and two Chinese editions. Chris earned an MBA from Rutgers University. He is a CFA charterholder.