Maybe there is a case for an undervaluation argument based on...

Maybe there is a case for an undervaluation argument based on DCF! Here are the CAGR for Reece's dividends over the years, rounded to the nearest %:
Over the last 15 years 6%
Over the last 10 years. 7%
Over the last 5 years. 10%
Does this telling us something about a strengthening competitive position?

If one is optimistic enough to assume an 8% dividend growth rate into perpetuity, a 21.5 cent FY2018 dividend and a 10% required rate of return, a basic dividend discount model would yield a valuation of equity per share of;
0.215/0.10 -0.08 = $10.75

While I wouldn't be nearly that optimistic on dividend growth, perhaps Yohanesk1 is?