REECE LIMITED (REH)
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REH - REECE LIMITED

FNArena Sector : Furniture & Renovation
Year End: June
GICS Industry Group : Capital Goods
Debt/EBITDA: 1.83
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$22.76

17 Jan
2025

-0.070

OPEN

$22.91

-0.31%

HIGH

$23.10

311,872

LOW

$22.68

TARGET
$21.933 -3.6% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ADH . BLX . GWA . HVN . JBH . JYC . NCK . TPW .
FNARENA'S MARKET CONSENSUS FORECASTS
REH: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 64.9 59.7 xxx
DPS (cps) xxx 25.8 24.6 xxx
EPS Growth xxx 8.1% - 8.1% xxx
DPS Growth xxx 3.0% - 4.5% xxx
PE Ratio xxx N/A 38.1 xxx
Dividend Yield xxx N/A 1.1% xxx
Div Pay Ratio(%) xxx 39.7% 41.2% xxx

Dividend yield today if purchased 3 years ago: 1.11%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.13

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 08/10 - ex-div 17.75c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx64.9
DPS All xxxxxxxxxxxxxxx25.8
Sales/Revenue xxxxxxxxxxxxxxx9,104.8 M
Book Value Per Share xxxxxxxxxxxxxxx601.3
Net Operating Cash Flow xxxxxxxxxxxxxxx750.9 M
Net Profit Margin xxxxxxxxxxxxxxx4.60 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx11.16 %
Return on Invested Capital xxxxxxxxxxxxxxx7.60 %
Return on Assets xxxxxxxxxxxxxxx5.98 %
Return on Equity xxxxxxxxxxxxxxx11.16 %
Return on Total Capital xxxxxxxxxxxxxxx11.93 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx353.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx136 M
Long Term Debt xxxxxxxxxxxxxxx1,696 M
Total Debt xxxxxxxxxxxxxxx1,832 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx341 M
Price To Book Value xxxxxxxxxxxxxxx4.19

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx258.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.83 %
Cost of Goods Sold xxxxxxxxxxxxxxx6,499 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,931 M
Research & Development xxxxxxxxxxxxxxx0 M
Investments - Total xxxxxxxxxxxxxxx23 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.6

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

3

xxxxxxx

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Morgans

25/10/2024

5

Reduce

$19.95

-12.35%

Morgans highlights a "weak" 1Q trading update by Reece, while management's 1H underlying EBIT guidance of between $300-320m missed market expectations for $337m.

The company noted ongoing softness in housing activity in both the A&NZ region (broadly flat 1Q revenue) and in the USA where revenue fell by -6.5% (in US dollars).

Reduce retained. The analyst's target falls to $19.95 from $21.00 as underlying earnings forecasts fall by -7% across FY25-27.

FORECAST
Morgans forecasts a full year FY25 dividend of 22.50 cents and EPS of 56.40 cents.
Morgans forecasts a full year FY26 dividend of 24.50 cents and EPS of 61.40 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Goldman Sachs

31/10/2024

5

Sell

$23.10

1.49%

Goldman Sachs notes Reece's 1Q25 update showed a decline in revenues of  -5% year-on-year, with Australian sales flat while the US experienced a -6.5% drop, impacted by lower product prices and weather conditions.

Cost management in Australia partially offsets these challenges

in the US, the company is experiencing volume and price deflation, with Goldman Sachs lowering EBITDA forecastsby -6% in FY25.

The broker retains a Sell rating on lowering the target price to $23.10 from $23.70.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 24.00 cents and EPS of 59.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 28.00 cents and EPS of 69.00 cents.
Access Extra Coverage Research History >

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