Consensus community valuation
Latest updates are at the bottom - this lot starts in 2019:
Missed expectations in FY18 with 64.3 cps of EPS, but still growth. They keep growing and raising their dividend every year, paying an additional big special dividend about every 5 years. One of the best quality companies on the ASX. Always look expensive, but they probably always will.
. . . . . . .
Update: 17-Mar-2020: Those 5 year special dividends used to look pretty good, and we're overdue for one now, but ARB are not spitting off the same amount of profits that they once were - well, they are, but it's off higher revenue, so their costs are also higher. Basically, while their ROE and profit margins are still OK, they have reduced from where they used to be - and they may be putting more money back into the business now - rather than distributing it all to shareholders. They are now a truly global business, with manufacturing facilities in Australia and Thailand - and they sell their products all over the globe.
Something to keep in mind when you look at reducing car sales in Australia is that (1) they are selling globally, not just in Australia, and (2) 4WD sales as a percentage of overall car sales keeps increasing, so more and more people are buying SUVs and larger 4WD vehicles - rather than traditional sedans, so ARB's market is in the only part of the overall vehicle market that is still growing.
That said, not everyone will customise or accessorise their 4WD or SUV. Some are quite happy with the standard models straight off the showroom floors. However, the serious 4WDers do spend significant money on their vehicles, and ARB are at the quality end of the market, and can charge accordingly.
They won't be completely immune from the COVID-19 impact, but they will get through this better than many other businesses. For instance, not everyone will want to stay home, and one of the safest holidays people can take, is away from everybody else in a four wheel drive, camping, fishing, whatever.
Great businesses, plenty of insider ownership, their MD (Andrew Brown) and Board Chairman (Roger Brown) are both brothers of ARB's founder, Anthony (Tony) Ronald Brown (hence the ARB name - his initials) and Andrew and Roger together own almost 6 million ARB shares (7.45% of the company), worth over $90 million.
They always maintain a rock solid balance sheet (avoiding debt, and paying it down very quickly whenever they do use debt) and they look after their shareholders, as well as their staff and customers, who seem to all really like the company.
Additionally, the ARB share price has dropped 25% in the past few weeks - as have many other companies too of course - but this is another clear example of a company that has NOT become worth 25% less during that time, and therefore represents an opportunity to pick up shares in a quality company at lower prices. ARB usually trades at a healthy premium, because it is a high quality company, so these opportunities are worth taking advantage of in my opinion.
Update: 16-Sep-2020: Quality rises to the top! Raised valuation/TP to $27.70. They are close to fair value up here - I am holding, but not buying more.
Update: 17-Mar-2021: Nice chart! New PT = $42.77. Still holding ARB in two of my portfolios, including my SMSF. Also on my Strawman.com Scorecard. Excellent Management! Do not bet against them!
Premium products that sell at premium prices, and their customers are prepared to pay for quality and reputation. Selling globally to retail (4WD owners) and to OEMs (original equipment manufacturers, i.e. car and truck manufacturers and retailers).
ARB work closely with OEMs to ensure that their products work seamlessly with the vehicles they are designed for, so - for instance - the bull bars don't overload the front suspension or change the centre of gravity too much (do not affect the steering or tyre wear), and work with the airbags and other safety systems, and are designed so they do not interfere with the engine cooling, the headlights, indicators, or the number plate position, etc.
Often the bull bars incorporate an extra set of indicators, lights, and/or a new number plate position, but these are always designed with input and feedback from the OEMs, who have to be happy with the end product. Many OEMs fit ARB bull bars and other 4WD accessories as standard kit on certain models.
Despite all of that, sales to OEMs is just part of ARB's business. Most of their revenue still comes from selling a huge range of 4WD accessories directly to end users - the owners of 4WDs, who like to customise their vehicles to their own specifications.
17-Sep-2021: Update: Raising my PT (not valuation) to $48, which is basically where they closed today. They are a top quality company, with excellent management who have plenty of skin in the game themselves and think like shareholders (because that's what they are), however I wouldn't be buying them up here, and certainly not above $50 at this point, although that may look like a cheap level in another 5 years time. They just keep on kicking goals.
I hold ARB in my Strawman portfolio and in 2 of my real life portfolios also, one of which is my SMSF. They are a buy and hold position in all three portfolios. Happy to take the volatility but also happy in the knowledge that their management will keep adding value over time and keep growing revenue and profits, and that the share price will therefore keep rising over time.
They have a decent quality premium baked in already at these levels, but they arguably deserve that premium. Covid-19 hasn't hurt them at all. It's probably helped them if anything. However people who think they've been major Covid-19-beneficiaries and therefore their revenue and profits have been unusually inflated and are due to decrease as the global situation returns to some sort of new normal are probably not giving their management enough credit.
ARB are the initials of the founder of the company, Anthony (Tony) Robert Brown, and today it is his two brothers, Andrew Brown (MD) and Roger Brown (ARB's Chairman) who are the A & R Brown who run ARB, and they run it VERY well. I am very happy to back them to navigate through whatever comes their way going forwards, just as they do when they go 4-wheel-driving or rally-car racing on the weekend.
They know the industry, and they know their own competitive advantages within the industry. They are simply the best at what they do, and people who are serious about 4WDing and 4WD accessories are prepared to pay a premium for the best gear and the best service from people who know their stuff.
In summary, one of the best quality companies on the ASX, certainly one of the best management teams, and there's a fair bit of that priced in already, but that's OK. A hold, but possibly not a buy up here. I hold.
P.S. When I first started adding content here about ARB they were known to pay large special dividends around once every 5 years, but that seems to no longer be the case. The last big one was $1/share in 2014 when their SP was $12 to $13/share, so based on that 5 year cycle, their next big special div was due around 2019/2020, but guess what happened in early 2020? Due to uncertainty around Covid-19 in Feb/March 2020, ARB decided not to pay an interim dividend, but they almost doubled their final dividend (39.5 cps vs 21 cps the previous year) and in 2021 they've declared dividends worth 68 cents/share, so their dividends continue to rise, but they may not pay any more of those really big special dividends going forwards. I think it all depends on what their options are at the time.
If there are no clear opportunities to reinvest their profits back into the business for high rates of return I am confident that they will always return excess funds to their shareholders as they always have done, however I would prefer them to reinvest in the business and pay ordinary dividends as they have been doing in recent years, which has resulted in excellent growth, both in terms of the business fundamentals and the share price.
Update: 28-Oct-2022: I'm no less bullish on ARB, however I think that my previous price target of $48/share is probably too high for the mid-term, as ARB got a big Covid-boost at the start of covid-19, which resulted in a share price spike at that time, however sales are now returning to more moderate growth, similar to pre-Covid.
In that light, while I still consider ARB to be one of the highest quality companies on the ASX, with one of the best management teams, and I still own shares, I am lowering my price target to $37/share for a 3 year price target, so by late October 2025. They're still growing, still increasing revenue, profits, and dividends, and they're a global company with plenty more room to grow yet, so I'm happy to maintain exposure to ARB.
13-April-2024: Update: I still hold ARB in my largest real money portfolio and here, however I sold them out of my SMSF at $39.76/share in late Feb (2024) along with another very high quality company that I've held for years and like a lot, but that also looked fully priced, Monadelphous Group (MND), which I sold for $13.77/share. With those funds I added NEU (Neuren Pharmaceuticals) to my super (@ $20.36) & topped up my GMD (Genesis Minerals) position (@ $1.62), I then sold two of my gold miners in early March, so RMS and RRL were sold out of my super and replaced with DVP (Develop Global) @ $2.30 and I topped up my S32 (South32) shares at $2.99. Six weeks later S32 is higher at $3.29 (was $3.34 on Thursday), DVP is lower at $2.22, NEU is $20.76, GMD has shot up to $1.985, and MND is a little higher at $13.86. ARB is now $39.64, so around what I sold them for, but they've been as high as $41.83 over recent weeks, which, as I said, looks fully priced to me, as good as they are, and they are very good.
I still hold ARB in a larger real money portfolio, but they are not one of the 10 largest positions in that portfolio because they don't look like they have as much near term and mid term upside compared with some of the other positions.
Nothing has changed in my mind with ARB except the price. There is a quality premium or a management premium in the price, and that makes sense, but it also means that they look reasonably fully priced up around $40/share, so the upside is limited at these prices. They will still grow, no issue with that, they are not ex-growth or anything like that, they are a very high quality company and they are currently priced accordingly.
So ARB remains a company that I will always buy on decent dips in the absence of better alternative opportunities, and I'm happy to maintain a core ARB holding in my largest portfolio as well.
06-Feb-2025: Update:
I've been out of ARB for a little while, because they got up above $40 and then exceeded my price target, so looked fully valued to me. I jumped back on them this week because they dropped back below $40 and I thought $36 to $38 was a reasonable area to start accumulating ARB again, considering they were reasonably bullish in their outlook statement in October at their 2024 AGM, and they have become a tier 1 supplier to Toyota North America now which should result in an increase in OEM sales.
As I said over in my gold forum thread, I sold Westgold (WGX) out of my super earlier in the week, and because I was already overweight gold producers in my Super portfolio, I decided to rotate that money plus a bit more into a new ARB Corporation (ARB) position.
I've always liked ARB as a company, however I had exited them on valuation grounds last year - not because I didn't think they could go higher, I just saw more immediate likelihood of shorter term upside elsewhere at the time.
I think they are likely to report well this month for H1 of FY2025. When reading the following outlook statements, remember that ARB have very conservative management who tend to underpromise and overdeliver.
One headwind they have had is a welding labour shortage at Kylsyth, which they said at their AGM continues to be a constraint, however to help mitigate that skilled labour shortage here in Australia, they have expatriated 14 factory employees from ARB Thailand to Kilsyth. So, in that light, the skilled labour shortage here in Australia may not be such a major headwind.
My other concern had been about declining ROE, however I think that is likely to stabilise soonish.
Note their share count has been quite stable for a decade, because they tend NOT to use their shares to pay for acquisitions, they instead use cash and debt and then pay off the debt quickly; they never have much debt and are often in a net cash position.
Their book value has also increased every single year, which is another sign of a well managed company.
That info above is from Commsec, the slide above that and the one below this paragraph are both from ARB's 17th Oct 2024 AGM Presentation.
ARB are releasing their H1 results on 18 February, so in less than 2 weeks, so we'll get a better feel then for how they are travelling. I am expecting further progress overseas, especially in North America, and I'm excited that they are now working on an online channel as well which should boost their sales even further.
They have never been the cheapest option, both for what they sell, and when buying their shares, but they have intentionally positioned themselves at the quality end, and they have a lot of brand loyalty across their customers and clients. People are still prepared to pay more for higher quality gear, especially serious 4WD enthusiasts.
In terms of management quality, they haven't done anything to make me question their management. The gradual decline in their ROE is worth watching, however having double digit ROE (above 15% ROE) is still good for a consumer discretionary company that mostly sells aftermarket vehicle accessories in a competitive market.
They have always found new ways to grow without taking on excessive risk, and I think with companies like this, it pays to buy on pullbacks even when they still look expensive, because as long as management keep delivering they are unlikely to ever look cheap. They can just occasionally look a little cheaper than they were a month or two ago, as they do today (6-Feb-2025), possibly on tariff concerns. Whatever, I'll take it.
Disclosure: Holding, both here and in my SMSF.
No change to my price target today - I'll review it after I read their report on the 18th.
19th August 2025: Update
Post-FY2025-Full-Year-Results:
As expected, ARB have shrugged off any US tariff impacts, basically ignoring tariffs in their commentary and posting another solid set of numbers and declaring a special dividend in addition to matching last year's final dividend.
ARB-Letter-to-Shareholders-FY2025.PDF
Full Year Investor Presentation FY2025.PDF
While NPAT was a little down on the pcp, revenue was up, and they've got zero debt, a big pile of cash, and they've decalred a special dividend once again - it's been a few years since they've done that - at one point they were doing it about once every 5 years, but the last special div was $1/share actually back in 2014, prior to they'd paid large special dividends in 2009, 2004 and 2001 (see here for deets).
What's more important is that their main metrics are still on a growth path.
In terms of revenue and earnings (NPAT), Covid was very good to ARB, as we can see with those FY21 and FY22 columns above. When 4WD owners weren't allowed to socialise or go to work in many cases, they were more than happy to kit out their vehicles with even more gear and make good use of it.
We've seen a revision to lower growth rates since then, but ARB is still growing revenue and still investing in further growth, as explained in their ARB-Letter-to-Shareholders-FY2025.PDF today.
In terms of their sales breakdown, the Australian Aftermarket segment, their largest division, was slightly down due to lower vehicle sales (4WD and Ute owners buying less new vehicles so less demand for aftermarket gear), however OEM sales were up a smidge and Exports grew strongly (+16.4%), as shown below:
All in all, another good year for ARB, and I believe that my assertion back in April and May that ARB was being oversold on tariff fears was on the money, based on their recovery since then and today's SP rise on these results:
I'm holding ARB in my SMSF & they are currently the largest position in my SMSF, but I'll likely trim that position after these two upcoming ex-div dates (22-Aug for the 50 cent special div & 02-Sept for the regular 35 cent div) if the SP holds up, and I'll then keep them as a smaller position, because part of my investment thesis has already played out, which is the share price recovery from the recent sub-$30/share level a few months ago. They are a great longer term position for a Super fund, however I tend to load up on such positions when they are oversold - which doesn't happen very often with very high quality companies like ARB, and then trim the positions when they approach fair value or exceed what I consider to be fair value.
I also hold ARB here as a decent position on my SM scorecard.
The thing is, that I don't have unlimited investment capital, so I tend to rotate it into companies that I consider to have the best near-to-mid-term upside at any given time, up to a point, like I'm not buying and selling every day. Not EVERY day. But some weeks get busier than others.
For now, I'll leave my price target for ARB @ $41.75, however I expect to be raising that either next year or the year after when their US expansion and their move into the UAE gains further traction.
The reason they are a long term super fund position for me is that they are a high quality company with superb management who act like owners because they own $190m worth of shares (Roger and Andrew Brown own 4,936,208 ARB shares, which is 6.04% of this $3 Billion plus company), and they keep making excellent capital allocation decisions, including returning capital to shareholders when they have a high cash balance (and no debt - they never have debt) and their cash is surplus to their requirements, as demonstrated by their prior history of special dividends and the one they've announced today, who manufacture and provide high quality gear that they are able to sell at premium prices to loyal customers who are not as sensitive to price increases because they are not buying ARB gear based on price but on quality.
Addtionally they have a large growth runway outside of their home country of Australia, and the switch to SUV and 4WD vehicles continues, with around one third of all new vehicles sold now being 4WD or SUV vehicles, and even higher in some countries.
ARB also have an excellent history of innovation and new product development (NPD) which has allowed them to remain market leaders at the quality end of 4WD accessories for both OEMs and aftermarket.
Lots to like. Ticks all the boxes for me. That's why I hold.
ARB putting up a decent result in a challenging environment. Decent sales growth with a bit of a hit to NPAT.
Challenges include, the Aussie dollar trading at an all time low against the Thai Baht (where a lot of the products are made), Tariffs against imports to the US, difficulty attracting and retaining skilled labor in Aus and around a 15-20% reduction in new car sales across the key models to ARB.
On the positive side, export markets have all seen growth, a lot of the Aussie stores are seeing refits and investments as well as the HQ, investments into an online portal and digital marketing. The big one is the US strategy seems to be paying off, having reached profitability milestones early despite a fairly challenging economic and political environment.
I'm encouraged by the fact they're still seeing sales growth in a challenging environment, and they're taking the time and spending the money to shore up the foundations. If they can do that in a challenging environment I'm keen to see what they can do if/when they can get on a roll with new car sales and a more favourable consumer spending environment in Australia (if there is one thing that aussies love more than seeing equity grow in their property, it's stripping that equity out to buy a caravan and do up the 4x4).
As always time will tell but I feel they're positioning themselves well for the future, just need to wait for it to arrive now.
-Held irl and on SM
Monday 9th June 2025: I believe ARB Corporation has been sold off MOSTLY because of tariff concerns, because they manufacture their own products such as bull bars (a.k.a. "roo bars" here in Oz), canopies, roll bars, cargo barriers, spotlights, etc. in Melbourne, Australia and in Thailand; they also source product from China, especially for the US market which is their main growth driver currently, growth that has been accelerated by their acquisitions in late 2024 of the US-based Off-Road Warehouse (ORW) and 4 Wheel Parts (4WP) chains of stores. ARB are expanding those store networks into new states in the US as well as opening new stores in states in which they already operate.
Source: Page 16 of ARB's H1 of FY2025 Results Presentation: https://www.arb.com.au/wp-content/uploads/2025/02/FY2025-HALF-YEAR-INVESTOR-PRESENTATION.pdf
As you can see there (above), they have only just scratched the surface in terms of that expansion; it's still in its early stages.
If you only looked at ARB in terms of their Australian store network, you could view them as a mature company, but Australia, while being their home ground, is not where their main growth is coming from these days.
Yet, despite being a quality company that is profitable and growing, with good management who have skin in the game (6.04% of ARB's SOI are owned by Andrew and Roger Brown, the brothers who run the company, a share that is currently worth $158 million), ARB has been sold down significantly in 2025:
The selling actually started back in early October, so they've been in a strong downtrending channel for 8 months now. From $48 to $27 (-$21 or -44%) and they're still towards the bottom of that range - at around $31 to $32/share.
While it started 8 months ago, the ARB sell-down did however accelerate when Trump started throwing large tariff numbers around. To give you an idea of how brokers are viewing those tariff risks to ARB, here are some excerpts from FNArena.com today:
First, an overview of the calls (Recommendations) and Target Prices of the brokers that FNArena follow closely:
And here are the most recent updates from those brokers as summarised by FNArena - I have highlighted tarrif commentary in orange:
The following updates were back in February after ARB's H1 results were released and FNArena suggest that Macquarie, Morgans, and Morgan Stanley have not sent out any client notes or updates on ARB since then:
And below are the calls and target prices from the two "Other" brokers that FNArena cover less closely:
They have omitted Goldman Sachs who are listed below as having a "Neutral" call on ARB and a $38 Target Price on Feb 20th.
Wilsons (whose Feb update summary is highlighted in the green rectangle above) are the most bullish on ARB, however there are no updates listed from Wilsons since Feb 19th.
For those who may be interested, here's Commsec's breakdown of the "Subs" for ARB as at 25th July 2024:
Since then, we have seen AFIC (AFI, one of Australia's oldest LICs) enter the register on 14th March 2025 with 5.03% of ARB and we have seen some buying and selling from 4 of those other names above. Below are the latest moves from them:
- Bennelong sold down from 12.57% to 11.50% on 22nd October;
- MUFJ and First Sentier (First Sentier is regarded as a controlled subsidiary of MUFJ so it's the same position) bought and sold heaps (they have a history of loaning shares to shorters) and ended up with 6.08% of ARB on 23rd May 2025 (being their latest update); and
- State Street (one of the world's largest ETF providers) moved from 5.02% up to 6.07% on Feb 2nd.
Also, to be clear, Rogand Pty Ltd is ROGer and ANDrew Brown's private investment vehicle in which they hold their ARB shares. Both are directors of ARB and Andrew is ARB's MD. Their brother Anthony Ronald "Tony" Brown founded the company back in 1975 with ARB being his initials, however it is now run by Andrew and Roger Brown (So the ARB acronym could now stand for them instead of their brother Tony).
Below are some of the more important (IMO) metrics that I follow regarding ARB:
Source: https://fnarena.com/index.php/analysis-data/consensus-forecasts/stock-analysis/?code=ARB
They're not the best company on the ASX, but they're easily in my top 20 in terms of quality management and quality products, and they do have a moat, which is a superb industry reputation and loyal repeat customers.
Additionally they have another moat (competitive advantage) through their early involvement with OEMs (Original Equipment Manufacturers, in this case Utility Vehicles ["Ute"] and 4WD manufacturers) where ARB often design bull bars and other accessories for these vehicles either during the vehicle design stage or shortly after the vehicle design has been finalised, with the full cooperation of the OEMs, so not only is their gear recommended by the OEMs, it is often purchased by the OEMs to be fitted on certain models as either included or optional accessories when those vehicles are first sold.
Anyway, this straw isn't supposed to be a bull case for ARB, as I've done that already. This one is just to suggest that while the quality and management premiums look to have either partially or fully come out of the share price of ARB now, there is also the murky outlook around tariffs weighing on sentiment around this company.
And if you think that the US and China trade war is just beginning and is going to get a LOT worse and likely drag the whole world in - in terms of being a negative on global growth - then that probably makes sense.
If, on the other hand, you think that Trump Always Chickens Out (TACO) and the tariffs are either going to eventually settle at around 10% across the board, perhaps higher for China, or get scrapped altogether, then these levels may present a good entry point for companies like ARB who have clearly been caught up in the negative sentiment associated with the tariff impacts.
As has been commented on here many times, quality companies will likely trade at a decent premium most of the time, so when they do get sold down substantially on what looks like a temporary issue rather than a structural one, it can be a great time to build a position - or increase one.
Disclosure: I hold ARB shares, both here and in my SMSF.
Forecast Ex Div Date: 06/10/2023 (45 days away)
Not a good Report, Could consider.
Gross Profit Margin: i cannot find this.
ARB is well managed by the Browns
No Debt so guessing a short blip in the charts.
Return (inc div) 1yr: -7.32% 3yr: 8.97% pa 5yr: 8.97% pa
06-Feb-2023: Market-Update.PDF
The Board of ARB Corporation Limited (“ARB” or the “Company”) provides the following update to the market for the half year ended 31 December 2022 (“1H FY2023”).
Based on preliminary, unaudited management accounts for 1H FY2023, the Company achieved:
- Sales revenue of $340.9 million, down 5.1% compared with the previous corresponding period. Pleasingly, the second quarter of 1H FY2023 (“2Q FY2023”) was slightly ahead of the same period last year, an improvement from the 10.0% decline in the first quarter reported at the 2022 AGM. Sales to the Australian Aftermarket achieved 2.7% growth during 1H FY2023, whilst sales to export markets and original equipment manufacturers were consistent with expectations at the 2022 AGM, down 8.8% and 36.9% respectively.
- Profit before tax within the range of $64.0 million to $64.6 million, a decline of 29.7% compared with the previous corresponding period. The profit result reflects the lower sales and the inflationary impact on the Company’s cost base in particular. Pleasingly, inflationary pressure on the Company’s cost base moderated throughout 2Q FY2023 with freight and steel costs retreating towards more historical levels. Furthermore, recent sales price increases will improve margins and recruitment opportunities appear to be improving despite continuing to be challenging.
The Company maintains a positive short-term outlook based on its continuing strong customer order book, which is in line with order levels throughout 2022. ARB is focused on supporting export markets and pursuing various market opportunities whilst managing input costs and global supply chain pressures.
The Board believes ARB remains well positioned to achieve long term success through:
- New product development with a number of new and innovative products to be released in 2H FY2023;
- Expansion of the Australian Aftermarket through new and upgraded retail stores and stockists;
- Strategic partnerships with key Original Equipment customers in Australia and internationally;
- Increased distribution and manufacturing capacity to accommodate future growth; and
- A well-balanced management team with a blend of long-term ARB and experienced external executives.
ARB expects to release its results for 1H FY2023 and further commentary on Tuesday, 21 February 2023. The Company will host a webcast of the 1H FY2023 results at 10.00am on the same day, details for which will be provided via an ASX announcement one week prior.
--- ends ---
Slightly down on the prior period, with OEM sales well down (-36.9%) which was partially offset by increased sales to the Australian aftermarket (retail sales through ARB stores throughout Australia).
PBT around $64m, a -29.7% decline on the pcp. Lower sales and higher costs were to blame, but costs ("inflationary pressures") moderated through the December quarter. They mention that both freight and steel costs have declined towards more historic (normal) levels. They also call out that they've managed to push through sales price increases recently and recruiting, while still challenging, is becoming easier (improved recruitment opportunities). Their NPD pipeline remains strong and they plan to roll out further ARB retail stores and upgrade others.
There's more detail in there, but those are the main takeaways from my POV, as an ARB shareholder. The market appeared to like this update this morning, with the share price up to as high as $34.02 (they closed yesterday at $33.40), but by the end of the day, they were slightly down for the day (-8 cents at $33.32, or -0.24%), pretty much in line with the ASX200 Index, which was down -0.25%, so they performed in line with the market today really. The All Ords closed down -0.33% as smaller companies seemed to perform a little bit worse than the top 200 companies did.
I see no real issues with this update. It means that there will be no surprises on the 21st when they announce their official audited results. I regard ARB as having one of the best management teams of ANY ASX-listed company. They would certainly be in my top 5, probably in my top 3. I rate their management very highly, based entirely on their track record over the years, including their record of superb capital management - where they either reinvest profits back into the business at very good rates of return or else they return excess funds to their shareholders. It helps that Andrew Brown (their MD) and Roger Brown (their Chairman) together hold just over 6% of the company, worth $164.5 million (based on today's closing share price), so they think like business owners, not just business managers. Plenty of skin in the game.
ARB 4x4 Accessories - Your partner in adventure
Disclosure: I hold ARB shares both here and in a number of my real life portfolios, including my SMSF.
28-Oct-2022: ARB Corporation 2022 AGM Presentation
See Also: ARB Corporation 2022 Annual Report
Like many companies at the moment, ARB have been sold down on their AGM Presentation today, finishing the day down $1 (or -3.57%) at $26.98. That's a fair way below their $50+/share highs during the second half of last year. Their share price has almost halved since then.
As usual, ARB's management have given conservative guidance, with continued growth forecast, albeit more weighted to the second half. I'm a holder of ARB shares, both IRL and here on SM, and they're one of the highest quality companies on the ASX in my opinion, with some of the best management also. The company's share price does tend to trend well, as that graph shows, so I'm planning to top up my positions once they eventually stop falling and then establish another uptrend.
