Ferguson FY18: No Signs of U.S. Slowdown but Margins Unlikely to Expand Further Next Year
While Ferguson's full-year results were in line with expectations, we think the stock sold off on concerns about tougher comparables in 2019 and the inevitable turn in the remodeling cycle. We see no indications of the cycle softening for U.S. construction; however, we think the stock has more than priced in the recent value drivers, namely taking share in the U.S., showing more discipline in branch pricing, and importantly, exiting much of its international portfolio. We retain our no-moat rati...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.
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