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Reece Limited (ASX: REH) - Financials

- Current share price for REH : $26.980

Reece Limited (REH) is a supplier of plumbing, bathroom, heating, ventilation, air-conditioning, waterworks and refrigeration products to customers in the trade, retail, commercial and infrastructure markets, operating for more than 100 years. Reece has market positions across its global footprint spanning Australia, New Zealand, and the United States of America. The Group's businesses are supported by innovation and service solutions.

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REH Per Share

Year to Jun Sales Cashflow Earnings Dividends Franking Book Value Average
Annual P/E		 Relative P/E Shareholder Return
2023 $13.69 118.7 ¢ 64.5 ¢ 25 ¢ 100% $5.61 24.8 163.8% 36.7%
2022 $11.85 34.3 ¢ 61 ¢ 22.5 ¢ 100% $5.14 33.1 199.8% -41%
2021 $9.71 57.5 ¢ 44.2 ¢ 18 ¢ 100% $4.47 35.5 300.3% 158.9%

REH Capital Structure

Total Debt Interest Long Term Debt Percent Debt Preferred Stock Share Equity Percent Equity
$1,961,767 $86,265 $1,830,407 34% $0.00 $3,625,424 66%
Note: All dollars in thousands ('000) for the table above

REH Historical Financials

2023 2022 2021
Revenue ($M) 8,839.6 7,654 6,270.7
Operating Margin (%) 11 10.9 11.5
Depreciation ($M) -227.4 -204.7 -184.3
Amortisation ($M) -62 -54 -43
Net Profit Before Abs ($M) 416.6 394.3 285.8
Net Profit After Abs ($M) 387.6 392.5 285.6
Income Tax Rate (%) 31.7 22.9 24.9
Net Profit Margin (%) 4.7 5.1 4.6
Employees ($T) 9 9
Long Term Debt ($M) 1,830.4 1,784.3 1,893.5
Shareholders Equity ($M) 3,625.4 3,320.9 2,888.1
Return on Capital (%) 9 9 8
Return on Equity (%) 11.5 11.9 9.9
Payout Ratio (%) 39 37 41

REH Cashflow

2023 2022 2021
Customer Receipts ($M) 9,543 7,969 6,586
Net Operating Cashflow ($M) 766.4 221.8 371.6
Net Investing Cashflow ($M) -310 -281 -68
Net Financing Cashflow ($M) -307 -575 -462

REH Market & Earnings

2023 2022 2021
Market Cap ($M) 11,996 8,902 15,252
Net Gearing (%) 43.8 50.7 40.8
Net Interest Cover (%) 7.92 8.43 4.47
Dividend Yield (%) 1.4 1.6 0.8
NTA Per Share ($) 2.48 2.19 1.71
EBITDA ($M) 973 838.3 717.7
EBIT ($M) 683.1 580.1 490.2
EBT Before Abs ($M) 596.8 511.3 380.5

REH Balance Sheet

2023 2022 2021
Cash ($M) 372.7 220.5 829
Debtors ($M) 1,289.4 1,295.1 981
Other Debtors ($M) 23.2 49.4 44.3
Prepayments ($M) 25.9 23 18.8
Inventories ($M) 1,505 1,528 1,138
Current Investments ($M) 3.05 6.72 1.03
Other Current Assets ($M)
Total Current Assets ($M) 3,219 3,123 3,012
Receivables ($M)
Inventories ($M)
Property, Plant & Equipment ($M) 1,679 1,577 1,341
Accumulated Depreciation ($M) -93.1 -83.7 -84.3
Intangibles ex. Goodwill ($M) 497.4 429.1 418.4
Goodwill ($M) 1,523 1,477 1,362
Future Income Tax Benefit ($M) 72.6 63.9 53.7
Non-Current Investments ($M) 25.4 21.3 14.5
Other Non-Current Assets ($M)
Total Non-Current Assets ($M) 3,705 3,484 3,106
Total Assets ($M) 6,924 6,608 6,118
Accounts Payable ($M) 1,177.9 1,216 984
Provisions ($M) 110.3 124 121
Short Term Debt ($M) 131.4 118.6 112.4
Other Current Liabilities ($M) 1.51 1.45 41.47
Total Current Liabilities ($M) 1,421 1,460 1,259
Creditors ($M) 17.54 8.01 14.89
Long Term Debt ($M) 1,830 1,784 1,893
Provisions ($M) 29.9 34.3 62.8
Other Non-Current Liabilities ($M)
Total Non-Current Liabilities ($M) 1,878 1,827 1,971
Total Liabilities ($M) 3,299 3,287 3,230
Share Capital ($M) 1,247 1,247 1,247
Reserves ex. Share Premium ($M) 192.3 126.8 -39.5
Share Premium Reserve ($M)
Retained Profits ($M) 2,186 1,947 1,681
Other Shareholders Equity ($M)
Convertible Equity ($M)
Outside Equity Interest ($M)
Total Shareholders Equity ($M) 3,625 3,321 2,888

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