Ferguson Lowers Guidance for Full Year on Weaker Demand; Shares Richly Priced
No-moat Ferguson announced first-half results that were relatively strong but surprised the market by lowering guidance for the full year. We had been forecasting a slowdown this year and are maintaining our forecasts and GBX 4,500 and $5.90 fair value estimates for the local and ADR shares, respectively. The shares look richly valued.New guidance for the full year implies a second-half slowdown in organic revenue growth to between negative 0.5% and positive 3.5% from 6.5% in the first half. O...
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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