What is the market missing with GWA?

Simon Conn, Portfolio Manager at Investors Mutual, says restructuring of non-core businesses at GWA has clouded the markets view on some very high quality and cash generative businesses. GWA is best know for its Caroma vitreous china operations - where the company holds a dominant market share of between 60% - 70%. This business has been a consistent performer allowing GWA to pay investors a steady stream of dividends. However, as a result of a messy restructuring and divestment process GWA has had to temporarily halt dividends. Conn believes the market is now pricing GWA at attractive levels given the high quality core businesses and cheap valuation relative to the market. In this interview he talks through what he thinks the market is missing and why he thinks GWA offers compelling value.