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Ritchie Bros Auctioneers Inc RBA Stock Quote

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Morningstar‘s Stock Analysis RBA

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Ritchie Bros. Posts Solid Second-Quarter Results as Tight Used-Equipment Environment Persists

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

Ritchie Bros. Auctioneers reported solid second-quarter results, leading us to increase our fair value estimate to $43.50/CAD 56 per share from $40.50/CAD 53. We raised our near-term sales and margin forecast to reflect our expectations of a strong demand environment for the company in the back half of the year. In the quarter, net sales increased 22% year on year to $484 million, showing that service and inventory sales remain healthy. Service revenue was up 13% year on year, thanks to solid fee growth of over 21%. Inventory sales also grew, rising close to 38% compared with the year-ago quarter. Ritchie Bros.’ ability to drive service revenue in a tight used-equipment market gives us confidence to forecast 13% sales growth in 2022.

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Key Statistics RBA

Company Profile RBA

Business Description

Ritchie Bros. operates the world’s leading marketplace for heavy equipment. The company started as a live auctioneer of industrial equipment, since then it has greatly expanded its operations to include the sale of construction, agricultural, oilfield, and transportation equipment. Ritchie Bros. operates over 40 live auction sites in more than 12 countries, along with online marketplaces, including IronPlanet, Marketplace-E, and GovPlanet. Its agricultural auctions are frequently much smaller venues and can include liquidations of single farms. The company holds over 300 auctions yearly and sells over $5 billion worth of equipment.

Contact
9500 Glenlyon Parkway
Burnaby, BC, V5J 0C6, Canada
T +1 778 331-5500
Industry Specialty Business Services
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 4,300

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