Ferguson is a holding company. Through its subsidiaries, Co. is a distributor of plumbing and heating products in the U.S. Co. operates nationally serving the residential, commercial, civil and industrial markets. Co. operates seven business units in the U.S.: Blended Branches, which provides plumbing and heating solutions ; Waterworks standalone, which distributes pipe, valves and fittings, hydrants, meters and related water management products; B2C e-commerce, which sells directly to consumers via websites using the product range and distribution network of the Blended Branches business; as well as Other, which comprises industrial standalone, fire and fabrication, and facilities supply.
  • TickerFERG
  • ISINJE00BJVNSS43
  • ExchangeLondon Stock Exchange
  • SectorSupport Services
  • CountryJersey
Sven Edelfelt ...
  • Virginie Rousseau

ODDO : A Q2 in lockdown hell

We are forecasting an historically low H1 2020, penalised by the lockdown effects. On the basis of our H1 estimates and the full-year consensus, several stocks are likely to disappoint (Imerys and Vicat). Conversely, the full-year consensus seems to incorporate a margin for error and, possibly, potential for upward revision for LafargeHolcim, Getlink and Eiffage. Saint-Gobain and Eiffage remain our favourite stocks, particularly as the market and investors are already looking to ...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : Un T2 dans l’enfer du confinement

Nous tablons sur un S1 2020 historiquement bas, pénalisé par les effets du confinement. Sur la base de nos estimations S1 et du consensus annuel, plusieurs valeurs nous semblent susceptibles de décevoir (Imerys et Vicat). A l’inverse, le consensus annuel nous semble intégrer une marge d’erreur, voire un potentiel de révision à la hausse pour LafargeHolcim, Getlink et Eiffage. Saint-Gobain et Eiffage restent nos valeurs préférées d’autant que le marché et les investisseurs ont déj...

Expert Corporate Governance Service (ECGS)

Ferguson - AGM 29 July 2020

The Board seeks shareholder approval to adopt new Articles of association to allow the group's additional listing in the US. Ferguson demerged its UK operations and now the group is entirely focused on North American markets. In due course Ferguson intends to put forward a further resolution to relocate Fergusonns primary listing to the US. The Board believes that this two-step process to transition would provide an appropriate period to sell shares for UK-based shareholders investing  in FTSE 100 index or barred from investing outside the UK. ECGS is not generally in favour of changing the ...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction in France: when “les Bleus” become green

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent perf...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction France : quand les Bleus se mettent au vert

Les annonces récentes de plans de relance en France et en Europe ont alimenté l’espoir. Cette note analyse dans le détail les différents segments dans la construction en France. Le secteur pourrait baisser de 14%e en 2020 alors que 2021 montrera un rebond (+9%e) toutefois insuffisant pour revenir sur les niveaux pré-crise. Nous privilégions les expositions à la rénovation thermique et aux infrastructures. Saint-Gobain, Eiffage et Vinci devraient ainsi tirer leur épingle du jeu, t...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : A Q2 in lockdown hell

We are forecasting an historically low H1 2020, penalised by the lockdown effects. On the basis of our H1 estimates and the full-year consensus, several stocks are likely to disappoint (Imerys and Vicat). Conversely, the full-year consensus seems to incorporate a margin for error and, possibly, potential for upward revision for LafargeHolcim, Getlink and Eiffage. Saint-Gobain and Eiffage remain our favourite stocks, particularly as the market and investors are already looking to ...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : Un T2 dans l’enfer du confinement

Nous tablons sur un S1 2020 historiquement bas, pénalisé par les effets du confinement. Sur la base de nos estimations S1 et du consensus annuel, plusieurs valeurs nous semblent susceptibles de décevoir (Imerys et Vicat). A l’inverse, le consensus annuel nous semble intégrer une marge d’erreur, voire un potentiel de révision à la hausse pour LafargeHolcim, Getlink et Eiffage. Saint-Gobain et Eiffage restent nos valeurs préférées d’autant que le marché et les investisseurs ont déj...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction in France: when “les Bleus” become green

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent perf...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction France : quand les Bleus se mettent au vert

Les annonces récentes de plans de relance en France et en Europe ont alimenté l’espoir. Cette note analyse dans le détail les différents segments dans la construction en France. Le secteur pourrait baisser de 14%e en 2020 alors que 2021 montrera un rebond (+9%e) toutefois insuffisant pour revenir sur les niveaux pré-crise. Nous privilégions les expositions à la rénovation thermique et aux infrastructures. Saint-Gobain, Eiffage et Vinci devraient ainsi tirer leur épingle du jeu, t...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : The end of one world and the beginning of a new era

A state of rational panic has overtaken the world and the real economy. Investors are envisaging a worst-case scenario, whereby businesses very survival is under threat. We have set this scenario to music. Over and above the temporary effect of the shutdown of the construction industry, the stimulus plans announced in many countries are unlikely to enable a return to the 2019 level in 2021. We prefer the groups with the most solid balance sheets. We have upgraded our recommendati...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/06/2020

A sector hard hit by COVID-19, with EPS estimates slashed by 35% and target prices by >25%; many high-risk stocks (e.g. Haulotte, Manitou, Exel Industries …) and few safe profiles (e.g. Albioma, Rubis and GTT). - ...

Delphine Brault ...
  • Emmanuel Matot
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 04/06/2020

A sector hard hit by COVID-19, with EPS estimates slashed by 35% and target prices by >25%; many high-risk stocks (e.g. Haulotte, Manitou, Exel Industries …) and few safe profiles (e.g. Albioma, Rubis and GTT). - ...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/04/2020

Un secteur très impacté par COVID-19 avec une révision en baisse de ~35% des BPA et >25% de nos OC – De nombreux dossiers à risque élevé (Haulotte, Manitou, Exel Industries…) et rares sont les profils assez safe (Albioma, Rubis, GTT). - ...

Delphine Brault ...
  • Emmanuel Matot
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 06/04/2020

Un secteur très impacté par COVID-19 avec une révision en baisse de ~35% des BPA et >25% de nos OC – De nombreux dossiers à risque élevé (Haulotte, Manitou, Exel Industries…) et rares sont les profils assez safe (Albioma, Rubis, GTT). - ...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/18/2020

...

With a more favourable environment, FERGUSON PLC. improves to Slightly Positive

FERGUSON PLC. (GB), a company active in the Building Materials & Fixtures industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 19, 2020, the closing price was GBp 6,566.00 and its potential was estimated at GBp 7,208.68.

Expert Corporate Governance Service (ECGS)

Ferguson - AGM 29 July 2020

The Board seeks shareholder approval to adopt new Articles of association to allow the group's additional listing in the US. Ferguson demerged its UK operations and now the group is entirely focused on North American markets. In due course Ferguson intends to put forward a further resolution to relocate Fergusonns primary listing to the US. The Board believes that this two-step process to transition would provide an appropriate period to sell shares for UK-based shareholders investing  in FTSE 100 index or barred from investing outside the UK. ECGS is not generally in favour of changing the ...

Expert Corporate Governance Service (ECGS)

Ferguson - AGM 21 November 2019

Board changes: The CEO, John Martin, will step down on 19 November 2019 when he will be succeeded by Kevin Murphy, currently Chief Executive Officer USA. For the new CEO, Ferguson amend and proposes to vote a new remuneration policy with increased incentive caps (up to 700% of the base salary from the previous 500%). The Board Chairman, Gareth Davis, is also leaving his chair at the AGM and the Board in January 2020. Geoffrey Drabble, former chief executive of Ashtead Group, is a successor. Finally, Darren Shapland is also stepping down as a Non-Executive Director and Chairman of the Audit ...

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