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REH - Reece News Story

A$21.04 -0.2  -0.8%

Last Trade - 07/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £7.61bn
Enterprise Value £8.32bn
Revenue £3.43bn
Position in Universe 44th / 1907

BUZZ-Citi upbeat on Australia's Reece after solid H1 results, hikes PT

Mon 1st March, 2021 1:34am
** Citi Research says Reece Ltd  REH.AX  delivered a solid
1H21 results, reflecting the strong rebound in macroeconomic
conditions, hikes stock's PT to A$13.50 from A$12.30
    ** Last week, the plumbing and waterworks supplier reported
that its HY net profit rose 17% to A$123 mln ($95.42 mln), while
revenue jumped 4% to A$3.07 bln urn:newsml:reuters.com:*:nASN000VKU
    ** Brokerage expects these trends to persist into 2H21, with
forecast sales growth of 7.4% in FY22 before moderating to ~6%
FY23 
    ** Balance sheet optionality remains for M&A in the United
States, which could see further consolidation in what is a
fragmented market - Citi
    ** For U.S. sales, says trading conditions are expected to
remain volatile given the freeze event in Texas, but expects a
sales boost as homes impacted are repaired

    ($1 = 1.2890 Australian dollars)

 (Reporting by Arundhati Dutta in Bengaluru)
 ((arundhati.dutta@thomsonreuters.com;))
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