Ferguson's 3Q Shows Softening in U.S. Demand As Expected; Shares Fairly Valued
Following no-moat Ferguson's third-quarter results, we are maintaining our GBX 4,500 and USD 5.90 fair value estimates for the local and ADR shares, respectively. Earlier this year, management lowered expected organic growth for the year, citing a slowdown in the U.S., the company's largest market. This downturn in growth was visible in Ferguson's third-quarter results, with the U.S. year-over-year organic growth slowing to 3%, about one third of the growth rate achieved in the first two quarter...
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