Kingfisher Remains On Track in Q3 but Greater Uncertainty Looms
As we had anticipated, like-for-like sales growth continued to deteriorate in the third quarter, but another solid, if unspectacular, performance in the U.K. in the third quarter kept Kingfisher on track to meet our full-year revenue forecast. We reiterate our GBX 370 fair value estimate for Kingfisher's ordinary shares. We remain cautious in the short term, as we believe the impact of Brexit is yet to be seen in the U.K. housing data, but in the long run, we believe Kingfisher possesses some de...
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