Exports Will Continue to Drive Healthy Earnings Growth for ARB but Shares Remain Expensive
After rallying since the start of calendar 2019, shares in narrow-moat-rated ARB trade at an approximate 20% premium to our unchanged AUD 15.00 per share fair value estimate. While growth has moderated in fiscal 2019 to-date, our long-term expectations are unchanged, and we forecast 8% EPS growth on average over the next five years. We think the market is overly optimistic about the growth potential in the local market, which we view as highly mature and saturated.While the long-term outlook fo...
ARB is engaged in the design, manufacture, distribution and sale of motor vehicle accessories and light metal engineering works.
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