Reliance Will Continue To Benefit From Continued Category Share Gains Despite Competitors Emerging
We raise our fair value estimate for no-moat Reliance Worldwide by 17% to AUD 4.20 per share following a transfer of covering analyst. Much of the revision in our fair value estimate relates to our revised cost of capital assumption, which we now estimate at 8.3%, down from the prior 9.9%. A reassessment of operating leverage in Reliance’s cost structure has resulted in our revision. We now anticipate a five-year sales CAGR of 14%, inclusive of John Guest revenues in fiscal 2019, down from a pri...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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