With IronPlanet Integration Now Largely Complete, Ritchie Bros' Attention Shifts to Execution
Following narrow-moat Ritchie Bros Auctioneers' fourth-quarter results, we are maintaining our $27 fair value estimate. Fourth-quarter 2017 adjusted EPS fell $0.04 to $0.26 from the prior year, but the firm's top line came in ahead of our expectations. Given the constrained conditions in the auction market we discussed in the previous quarter’s note, we believe that the company’s solid revenue growth deserves some praise.Ritchie Bros increased fourth-quarter revenue 22% to $179.0 million from t...
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