I haven't had a chance to digest the result in any depth but noted that, first in their full 2023 year-end report and now in this half yearly report, mention is made, with respect to Australia, of "non-plumbing network expansion" as part of their "2030 Vision".
When I consider the current value of this company, I tend to look at future growth to justify everything and, in doing so, consider the USA only.
If Reece has a retail / wholesale framework that they consider to be successful and sufficiently generic in its nature to apply to another "field", that would make this stock a lot more interesting.
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