Reece Ltd

REH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Reece Earnings: Fair Value Estimate Downgrade as Tough Environment Persists in the US

Esther Holloway

Feb 24, 2025

No-moat Reece’s first-half fiscal 2025 earnings is a miss, in our view. Revenue of AUD 4.4 billion was 3% lower than the same period in fiscal 2024, driven by 6% lower sales in the US and flat in Australia and New Zealand. Group EBIT of AUD 305 million was 17% lower than last year with costs hit by inflation, and higher depreciation following the rebrand of US stores.

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Reece Ltd

Reece Earnings: Fair Value Estimate Downgrade as Tough Environment Persists in the US

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