Reliance is a high-quality plumbing supplies company with a dominant brand in PTC.
We resume active coverage of no-moat-rated Reliance Worldwide Corp, lifting our fair value estimate modestly to AUD 3.00. Reliance remains an excellent growth story, propelled by the tailwinds of increasing penetration of push-to-connect, or PTC, plumbing fixtures from a low base, continued innovation and new product launches (EvoPEX) and a backdrop of strong pent-up demand for housing in Reliance's core North American market. Our forecast for strong earnings growth is also assisted by the curre...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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.
We have operations in 27 countries.
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