投标支持，利润率疑问

研报英文原文证据摘录

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M

Update

August 17, 2026 10:50 PM GMT

Morgan Stanley Australia Limited+

Reliance Worldwide Corporation Ltd | Asia Pacific

Joseph Michael, CFA

Equity Analyst

Bid Support, Margin Questions

Julianna C Sick

Equity Analyst

AlphaSignals Earnings Reaction

Unchanged

In-line

Modest revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Reliance Worldwide Corporation Ltd (RWC.AX, RWC AU)

Key Takeaways

Australia Industrials | Australia

At first look, in-line FY26 result (EBITDA in-line vs. VA Consensus), but FY27

guidance looks softer on margins despite mid-to-high single-digit sales growth.

Americas: EBIT +9% vs. VA despite revenue -3%; H2 margin recovery supports the

view that tariff/pricing actions are working.

APAC: Revenue +5% vs. VA but EBIT below, highlighting a materially weaker

margin outcome.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 17, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Equal-weight

In-Line

A$3.50

(3)

A$3.61

A$4.62-2.86

797

A$2,878

A$3,343

A$11

FY27: Sales guidance looks supportive (VA +7% y/y), but flat group margins imply

Fiscal Year Ending

06/25 06/26e 06/27e 06/28e

copper/input inflation is absorbing much of the cost-out and operating leverage.

EPS (US$)**

Prior EPS (US$)**

EPS (US$)§

Revenue, net (US$ mn)

EBITDA (US$ mn)

ModelWare net inc (US

$ mn)

P/E

P/BV

RNOA (%)

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)**

Leverage (EOP) (%)

Div franking % (%)

0.19

1,315

278

148

0.16

0.15

1,317

243

122

0.19

0.20

1,406

275

141

0.21

0.24

1,485

304

157

14.3

1.5

10.0

11.7

8.9

1.9

8.6

23.7

17.4

1.5

8.1

8.8

9.7

1.7

7.1

18.7

13.7

1.3

9.4

9.9

7.9

2.2

6.9

14.6

12.0

1.2

10.5

10.6

6.8

2.6

7.6

10.6

Brookfield: A$4.75/sh proposal is a 32% premium after multiple bid increases and

~8 weeks DD; still non-binding, with go-shop optionality if a SID is signed.

Exhibit 1:

RWC FY26 result and FY27 Guidance

US$m

Asia Pacific revenue

Americas revenue

EMEA revenue

Total Revenue

EBITDA

Asia Pacific EBIT

…