Lowering Kingfisher Moat Rating to None as Efforts to Unify Business Fail to Spark ROIC Increase
We are lowering our economic moat rating for Kingfisher to none from narrow after reassessing the firm’s brand intangible assets and scale, now that the firm is halfway through its five-year One Kingfisher restructuring plan. Our contention is supported by returns on invested capital (including goodwill) that have remained depressed, dropping to 7.1% in 2018 (below our 9% weighted average cost of capital) and averaging 7.3% over the past five years. This in turn has led us to downgrade our stewa...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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