Massive over-reaction on the SP today. Looking at the chart, it...

Massive over-reaction on the SP today. Looking at the chart, it could even drop back to around the $2.60 - $2.70 support in the short term. If it does, it will present a great longer term buying opportunity. These factors are all external headwinds and temporary. The management team is very good, and their business execution has been first rate over the last 5 years.

OUTLOOK
RWC’s end market exposure, which is predominantly to repair and maintenance activity, should
provide greater resilience to economic shocks compared with the more cyclical new residential
construction market. Weaker global economic conditions and the risk of a downturn in RWC’s key
markets, however, mean the immediate outlook is uncertain.
RWC believes it is well placed with its local manufacturing operations and strong track record of
class-leading customer service to navigate these challenges and respond to customer needs. We
also expect our ongoing new product introductions will enable us to continue our long-standing track
record of delivering above-market growth with quality margins.
There have been no changes to the key assumptions for FY2023 outlined in the full year earnings
announcement dated 22 August 2022, except as follows:
• Depreciation and amortisation expense is expected to be in the range of $52 million to $55
million (previously $55 million to $60 million).
• Net interest expense is expected to be in the range of $27 million to $30 million (previously $23
million to $27 million).