In Line 2018 Result for No-Moat Reliance Worldwide; Upgrade to Europe Margins Drive 6% FVE Increase
We increase our fair value estimate 6% to AUD 3.60 per share reflecting incremental synergy benefits within John Guest, but still view shares as overvalued. No-moat Reliance Worldwide's fiscal 2018 results were in line with our bottom line expectations. Net sales of AUD 769.4 million were up 28%, including a bit less than a month of contribution from the John Guest acquisition, completed in June 2018. Excluding this purchase, revenue rose 24% to about AUD 745 million, slightly ahead of our forec...Reliance Worldwide Corporation is a limited liability company. Co. is principally engaged in the design, manufacture and supply of high quality, reliable and premium branded water flow and control products and solutions for the plumbing industry. Co. manufacturers brass Push-to Connect (PTC) plumbing fittings, sold under the SharkBite brand. Co. operates through the following four product segments: Fittings and Pipe, Control Valves, Thermostatic Products and Other Products. Co. has 12 manufacturing facilities across Australia, New Zealand, the United States of America and Spain.
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.
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