Another one these companies that look expensive with elevated valuation metrics and with little or negative growth plus uncertain future growth.

1. Lots of negative growth though at least adjusted EBITDA is flat
2. Company has experienced 11% growth in EPS over past 5 years, so this could be one of those rare down years
3. In saying that, this is the lowest annual profit the company has reported since 2020
4. At share price of $4.70 the PE is 26 (based off adjusted EPS)
5. Market might be pricing in some future growth
6. Non-quantitative guidance is bearish with little growth expected:

'For the first six months of trading in FY25 RWC expects group external sales to be broadly flat, within a range of up or down by low single digit percentage points, relative to the pcp, excluding the impact of Holman and Supply Smart. RWC expects a similar trajectory in each region.'

The company did not issue any FY25 quantitative guidance because of uncertainties