Your entry prompted me to have a look at my review of RWC as a...

Your entry prompted me to have a look at my review of RWC as a result of their last annual report.
The following are some of my unaltered notes:

• Jonathan Munz, a founder resigned in early 2019, and sold out his final 10% stake in the business after being part of it for 33 years
• 36 active distribution / manufacturing centres around the world
• their revenue, being connected, in part at least, to the building industry introduces a degree of cyclicality to their financial results
• they seem to have a revenue curve which can be impacted by the severity or otherwise of the USA and European winters and their links to frozen pipes
• they're a manufacturer when supply chain and "just in time" processes are being severely tested, particularly out of China
• the operating centres across many countries mean that forecasting results which involve currency fluctuations are hard to establish
• 14 of these centres are in Europe which is about to experience a very expensive winter from an energy point of view
• $500m of long term debt may cause rising interest rates to pare back some of the future profit
• although revenue for 2022 increased by 17%, much of it was due to the 7 month contribution from the EZ-FLO acquisition and a 9.5% price increase to combat inflationary pressures
• a decline in consumer sentiment arising from the economic issues along with rising interest costs will make 2023 tougher

These guys have experienced tough times all the way and sailed through them having doubled revenue in the past five years. Their acquisition of the John Guest business was seamless and EPS enhancing. They offer easy to use, efficient products which may appeal to plumbers as workers become harder to find. They're quite relentless in their pursuit of product lines that fit these standards.
Management expects cost advantages to come from synergies resulting from the EZ-FLO acquisition along with the streamlining of operations that flow from the new distribution centre opened in the US.
I bought back in a short time ago when the price was at $ 2.85. I wouldn't pay any more at this stage and will limit my holding until I get a clearer picture starting with next months half yearly report.