Strong Q4, FY18 guidance likely conservative
HD delivered another strong quarter with comps up +7.5% (AE/consensus +6.5%), operating margins ~5bps above expectations and adj. EPS $0.07 ahead. FY18 guidance was introduced below expectations however, including operating margins down ~10bps YoY (consensus +6bps). We believe this incorporates HD's typical conservatism. The 2020 targets were reiterated, with the exception of ROIC, which was increased to 40%+ (vs. prior 36.4%-39.6%), while the dividend was increased +15.7%. Another strong quarter, albeit with guidance incorporating HD's typical conservatism.The Home Depot is a home improvement retailer. The company provides its customers an assortment of building materials, home improvement products, lawn and garden products, and decor products and provides a number of services, including home improvement installation services and tool and equipment rental. The company also maintains a network of distribution and fulfillment centers, as well as a number of e-commerce websites. The company provides a number of programs for its Professional Customers to meet their particular needs, and for its Do-It-Yourself and Do-It-For-Me customers, the company provides a number of installation services. The company also provides tool and equipment rentals for its customers.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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