Reece Ltd

Auscap Asset Management has been the most consistently bullish voice on Reece. In September 2025 (share price around $11.80) it cited a strong trading update, continued North American growth and effective execution of the expansion strategy, resilient margins and tight cost control despite softer Australian residential construction. By March 2026 (around $14.25) Auscap had increased its holding, framing Reece as a founder-led, dominant Australian plumbing distributor with a service-based (not price-based) value proposition, a long US expansion runway given its US branch count is still less than half its Australian count against 12 times the population, insider buying signalled by the Wilson family not participating in $450 million of buybacks, and a half-year result and profit guidance that beat expectations, trading near the bottom of its historical valuation range. Allan Gray (March 2026) saw building-cycle-exposed names like Reece offering more upside than the banks as rate cuts potentially revive activity. Pendal Group (June 2026) noted sell-side commentary pointing to resilient Australian demand, resilient hiring, exposure to data centres, and successful cost pass-through, though it does not hold the stock, preferring other building/infrastructure names.