Despite Benefiting From a Narrow Economic Moat, Shares in ARB Corp Remain Overvalued
Despite benefiting from a narrow economic moat, we believe shares in ARB Corp are meaningfully overvalued relative to our AUD 12.50 per share fair value estimate. After rallying over 25% during the past four months, the stock is trading at a lofty 28 times fiscal 2018 earnings. While the company is high quality, we believe this premium is difficult to justify, given the growth outlook. We currently project earnings per share growth of around 9% per year over the next five years.The core Austral...
ARB is engaged in the design, manufacture, distribution and sale of motor vehicle accessories and light metal engineering works.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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