21/08/2024 09:25

Reece Ltd (REH) $26.28

Plumbing, building and hardware merchant REH is unchanged so far this week after reporting on Monday. After the company narrowly missed analyst earnings estimates and flagged persistent short-term challenges, the stock initially dipped ~4% but has recovered as buying emerged into weakness.

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21/06/2024 09:05

Reece Ltd (REH) $25.80

Plumbing and hardware business REH surged higher in February following its strong HY24 result, which demonstrated solid profit growth and subsequent broker upgrades.  Strong earnings were driven by cost control and operational efficiencies despite a relatively subdued demand environment, i.e. impressive prudent management.

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09/05/2024 09:00

Reece Ltd (REH) $27.76

Plumbing and hardware business REH surged higher in February following its strong HY24 result, which demonstrated strong profit growth and led to upgrades from Morgan Stanley, Morgans, and UBS. The stock has been consolidating over recent months as bond jitters weighed on stocks, but with these slowly dissipating, a break to fresh all-time highs looks and feels almost inevitable. Unfortunately, the risk/reward isn't compelling close to $28.

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08/09/2023 09:10

Reece Ltd (REH) $19.29

Plumbing and hardware business REH fell -2.3% on Thursday, not a huge decline within the context of many moves on the day but it did make fresh 4-week lows in the process. We believe that REH’s rally since June 2022 is maturing fast, and there wasn’t enough in last month's result to push the stock above $21.

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03/08/2023 09:38

Reece Ltd (REH) $19.31

Plumbing & hardware business REH hit a fresh 52-week high this week as it continues to recover solidly aided by the potential end to the rate hiking cycle which theoretically should act as a tailwind for the stock.

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13/07/2023 09:24

Reece Ltd (REH) $18.22

Plumbing and hardware business REH has direct exposure to housing with over 50% of their earnings coming from the US with the balance in Australia, a perceived top in the interest rate cycle should act as a tailwind for the stock. We continue to believe this is an excellent medium-term business with both of its markets needing new homes.

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06/06/2023 09:35

Reece Ltd (REH) $18.75

Reece (REH ) has direct exposure to housing via selling kitchen, bathroom, and laundry products with over 50% of their earnings coming from the US with the balance in Australia.

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04/04/2023 09:29

Reece Ltd (REH) $17.65

REH has direct exposure to housing selling kitchen, bathroom, and laundry products with 54% of their earnings coming from the US and the balance in Australia. The stock has started to recover in line with US homebuilders but we believe it’s an excellent medium-term business as both of its markets need new homes asap.

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09/03/2023 09:13

Reece Ltd (REH) $16.25

Major supplier of bathroom products REH has seen a relatively small drop in its local business’s sales volume and they expect that to continue through 2023, no surprises there. While the company generates about 50% of its revenue from the US it’s clearly very exposed to the actions of the RBA over the last 12 months and when a building stock trading on a 26x valuation starts to contract the risk/reward is not attractive.

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24/08/2022 17:02

Reece (REH) $16.15

REH +5.56%: Reported a solid FY22 result after close yesterday, particularly given the backdrop of the share price being down ~50% from its highs. Revenue of $7.65bn was up 22% YoY while Net Profit After Tax (NPAT) of $392.5m was up a more impressive +37%, and above $361.8m consensus. The final dividend of 15cps also helps after a tough 12 months...

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