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.
- REH more than halved from its 2021 high in a similar fashion to JHX but we now like the risk/reward as the fundamentals improve.
MM is bullish toward REH
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