Steady Decline, page-9

Thank you for responding to my questions, gragou02. I have also been doing my own due diligence before buying, and have found a couple of interesting and relevant items:

1. https://www.cashacme.com/rwc-expands-u-s-manufacturing-footprint/ gives the following information about RWC expanding its manufacturing facilities in the USA:

"The new 100,000-square-foot facility will produce the SharkBite push-to-connect plumbing connection system, and is anticipated to create 130 jobs over the next few years. It is literally next door to the existing plant that produces Cash Acme pressure relief valves, temperature release valves, regulators and PEX pipe.

RWC is investing roughly $50 million in the new facility, which will feature robotic and high-tech plastic and brass manufacturing processes. It will include a research and development center and the SharkTech Training Academy. They are also expanding the nearby 145,000-square-foot distribution center to 235,000 square feet to accommodate the new products for U.S. distribution.”
I don't know exactly when this was posted, but I suspect it was soon after October 2017 based on the rest of their web site. So when fully operating, this should help RWC get around any new, large tariffs in the US.

2. I understand that RWC had a manufacturing facility in Spain before the John Guest acquisition, but I have not yet found what it produces and whether it could be used to manufacture products sold into Europe if a hard Brexit happens. If anybody knows or can find out, that information would be most helpful. My research leads me to believe that RWC's EU revenue to be only around 6.5% of total revenue (EU CY17 revenue of A$68M post acquistion; John Guest total FY17 revenue around A$303M; RWC pre-acquisition revenue of around $770M in FY18). IMO, it should not be too difficult for RWC to reorganise manufacturing and supply into Europe to minimise the impact of a hard Brexit, although it would undoubtedly have some impact over the short term.

As a result of the above, I made my first entry today, as I now consider the risk / reward balance to be in my favour at the current price.