Strong Exports Drive ARB's Solid Fiscal 2018 Performance; FVE Increased to AUD 15
Fiscal 2018 was another solid year for ARB, which reported underlying net profit of AUD 54 million (excluding an underprovision for tax in prior years), a 10% increase on the prior year. While this was in line with our expectations, we have increased our fair value estimate by AUD 0.50 to AUD 15 per share to reflect slightly stronger offshore growth. Despite raising our fair value estimate, the stock is expensive at the current price. We project 10% annual EPS growth on average during the next ...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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