Reliance 1H Result Includes a Welcome Guest, but Shares Remain Overvalued
Reliance Worldwide's first-half fiscal 2019 result was buoyed by the integration of the John Guest business acquired in June 2018. NPAT of AUD 66 million represents an increase of 58% on the previous corresponding period, or pcp. Revenue was up 50%, or 7% when excluding John Guest, and grew across all segments. However, margins in the Americas business were softer than expected. We have adjusted our near-term forecasts slightly, but our long-term thesis and AUD 3.60 per share fair value estimate...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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