Reliance Worldwide Looking Stretched at AUD 4.00
With the Reliance Worldwide stock trading at around AUD 4.00 versus our fair value estimate of AUD 3.00, we would exercise caution. The share price could be very sensitive to any disappointment with the share price equal to 25 times our fiscal 2018 EPS of AUD 16 cents and 20 times our fiscal 2019 EPS of AUD 20 cents.In particular, we are watchful for any sign Reliance Worldwide’s products are suffering blowback from the decision to end exclusivity with Home Depot. We don’t expect Home Depot to ...
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