ONE Kingfisher Plan Progressing Accordingly; Shares Slightly Undervalued
Narrow-moat Kingfisher continues to accelerate successfully into execution of its ONE Kingfisher plan during the second year of its adoption. While demand could be uncertain near term, with management expressing caution on the economic backdrop for the second half of the year in the company’s biggest markets (the U.K. and France), we think it has nicely kept the cost side of the P&L under control. For instance, Kingfisher has already captured 16% unified cost of goods sold (merging--to avoid...
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