"Morgans rates REH as Reduce (5) -Despite the subdued macroeconomic backdrop, the 1H result for Reece came in ahead of Morgans forecasts due to higher-than-expected earnings growth for A&NZ and the US.
The broker highlights a 60bps rise in the group earnings (EBITDA) margin to 11.6%, while the return on capital employed (ROCE) measure rose by 80bps to 16.1%.Management anticipates a softening 2H environment for A&NZ in the 2H.Morgans remains cautious on the outlook in A&NZ and the US and believes Reece is overvalued.
The Reduce rating is kept, while the target rises to $22.10 from $15.50 on earnings upgrades and a financial model roll-forward.
Target price is $22.10 Current Price is $28.50 Difference: minus $6.4 (current price is over target)."
Nice to see a broker give a target price in the $20+ range
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Last
$25.60 |
Change
-0.320(1.23%) |
Mkt cap ! $16.53B |
Open | High | Low | Value | Volume |
$25.88 | $25.99 | $25.59 | $6.204M | 241.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 1103 | $25.60 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$25.62 | 151 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 656 | 25.600 |
2 | 390 | 25.590 |
1 | 1482 | 25.580 |
1 | 985 | 25.570 |
1 | 2452 | 25.560 |
Price($) | Vol. | No. |
---|---|---|
25.740 | 390 | 2 |
25.750 | 985 | 1 |
25.770 | 985 | 1 |
25.800 | 985 | 1 |
25.830 | 985 | 2 |
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