I don't see a price war especially when you consider that...

I don't see a price war especially when you consider that Bunnings current market share is only 19% of the total hardware market.

Plenty of room for Masters to establish itself at least single digit market share(over 7-8 years) without impacting massively on Bunnings. The market is ripe for consolidation the smaller independnet players will be the ones that feel the full force of the changing market.

In fact I would suggest you all view the EBIT margins of Bunnings which has been expanding over the last 5 years, plus they are achieving solid revenue growth over the same period. Competition between the two may arise at some point down the track but not in the initial roll out of Masters IMO.

Its easy to get tied into the hype of market competition, as an example Woolworths and Coles but the key point to realise is that both Woolies and Coles are achieving sales and margin growth in their Food and Liquor businesses. How hard can competition be when they are both expanding their margins?