Kingfisher Moat Rating Falls to None as Competition Remains Fierce
We don't plan to alter our GBX 300 fair value estimate for narrow-moat Kingfisher after assessing the third-quarter sales update. We view the shares as undervalued. While total sales in constant currency rose 1.2%, in line with our 1.4% outlook for the second half, currency provided some headwinds in the period, leading to reported growth of just 0.2%. The France business (37% of sales) continues to track slightly worse than our more than 1% decline forecast for the second half, with Castorama d...
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