Back at the end of May this year, when the share price was $1.80, broker JP Morgan initiated coverage on GWA, saying, "We initiate coverage on GWA Group with an Overweight rating and a May-24 price target of A$2.25. We see upside to both earnings … and GWA's multiple, given very low expectations at this stage in the cycle. Consensus is only factoring in 2 per cent EBIT growth in FY24e despite moving into a less disrupted operating environment in FY24e. We expect higher-margin commercial work to recover off [sic] pandemic lows, and strong execution will see GWA maintain prices ahead of cost inflation. We see destocking risks factored into the share price at current levels, at an undemanding circa 10x FY24e PER and 8 per cent dividend yield. GWA is the cheapest building materials company under coverage."