Reliance Worldwide’s Reiterated FY19 Guidance Tracks our Forecast, but Shares Remain Overvalued
No-moat Reliance Worldwide remains on track to enjoy substantial top line growth and synergies from its recently completed acquisition of European business John Guest, and the company’s reaffirmed fiscal 2019 guidance at its annual general meeting is in line with our expectations. Nonetheless, shares continue to screen as overvalued versus our unchanged AUD 3.60 fair value estimate.Management reiterated its fiscal 2019 EBITDA guidance of AUD 280 million to AUD 290 million, originally offered fo...
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.
We have operations in 27 countries.
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