Kingfisher Performs in Line in First Half; Stock Fairly Valued as Brexit Risks Loom
The U.K. housing market appeared to brush off concerns over Brexit, with a strong performance at B&Q in the first half of the year where like-for-like sales grew 5.6%. This more than offset the continued weakness in France where the first-quarter rebound proved short-lived, as Brico Depot reverted to negative like-for-like comparisons. We are reiterating our GBX 370 and $10 fair value estimates for Kingfisher's ordinary shares and ADRs, respectively. We remain somewhat cautious in the short ...Kingfisher supplies home improvement products and services through a network of retail stores and other channels, located mainly in the U.K. and continental Europe. As of Jan 31 2017, Co. had nearly 1,200 stores in 10 countries across Europe.
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