Plumbing business RWC advanced +1.9% on Wednesday, arresting some of the recent weakness. The company reported FY23 revenue of US1.24bn in August. However, guidance moving forward disappointed investors, with 2.7% pa growth anticipated over the next three years below expectations and a 5.8% growth forecast for the Global Building industry, management sounded cautious at best, which is keeping us on the sidelines at this stage of the cycle.
- We like the risk/reward to RWC after its recent -14% pullback.
MM is cautiously bullish RWC around $3.75
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