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ARB Corp Ltd ARB

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Morningstar’s Analysis

Currency in AUD
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We Expect ARB's Domestic Success to Prove Difficult to Replicate Internationally

Angus Hewitt, CFA Equity Analyst

Analyst Note

| Angus Hewitt, CFA |

We raise our fair value estimate for ARB to AUD 22.00, from AUD 19.50 previously, after the firm virtually preannounced fiscal 2021 earnings. ARB expects to report fiscal 2021 profit before tax of AUD 145 million to AUD 150 million, ahead of our prior forecast of AUD 121 million. We raise our fiscal 2021 forecast to AUD 147 million and lift our sales forecasts on the back of ARB's strong order book.

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Company Profile

Business Description

ARB Corporation designs, manufactures, and distributes four-wheel-drive and light commercial vehicle accessories. The firm has carved a niche with aftermarket accessories including bull bars, suspension systems, differentials, and lighting. ARB operates manufacturing plants in Australia and Thailand; sales and distribution centres across several countries. The Australian division, which generates the vast majority of group earnings, distributes through the ARB store network, ARB stockists, new vehicle dealers, and fleet operators.

42-44 Garden Street, P.O. Box 105, Kilsyth
Melbourne, VIC, 3137, Australia
T +61 397616622
Sector Consumer Cyclical
Industry Auto Parts
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 863

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