REH 2.78% $24.38 reece limited

Reece post-Morsco, page-4

  1. 61 Posts.
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    Hi, agree with the method and reasoning but I would like to say, bit too much assumption in analysis, and to the point it’s all assumptions and may be except for management it’s just fair guess for rest of us.
    However I would approach the beast from a different angle. Question I need to find answer is at what FCF yield I would be happy for my investment for net 5 to 10 years, especially rising interest rates and bond yield environment.
    I think it would be minimum to expect average FCF yield of 6% during next 5 years. And with the EV of 8B that would translate to 450-500m a year.

    Can they achieve that sort of FCF?
 
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