No Changes to Our View Following RB's First-Half Update; Shares Fully Priced
After the recent low following the cyberattack that will shave a percentage point from this year's sales growth rate, and the high of receiving a 21 times EBITDA valuation for its food business, RB's first-half report felt like a nonevent. We reiterate our wide economic moat rating and our GBX 7,400 fair value estimate for the ordinary shares, as most metrics were consistent with our expectations and our near-term forecasts are in line with the updated guidance. This is a much weaker performance...
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