Reece Ltd

REH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$62.90	Zts	Nxgb

Initiating on Reece With a No-Moat Rating and Fair Value Estimate of AUD 13.20

Esther Holloway

Nov 21, 2023

Business Strategy and Outlook

Reece operates two distinctly different business segments: Australia and New Zealand, or ANZ, and United States, or U.S.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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