Wesfarmers Updates Bunnings’ Progress in UK and Ireland, but Renovation in Early Days
Narrow-moat-rated Wesfarmers’ Bunnings United Kingdom and Ireland, or BUKI, hosted a site tour accompanied by an investor briefing. While this provided further insight into the venture, there is no impact on our estimates for the group, and we maintain our AUD 39.00 fair value estimate.We remain cautious on BUKI's prospects. We currently value the business at its acquisition cost of GBP 340 million, or about AUD 550 million at current exchange rates. This equates to around AUD 0.50 per share. B...
Wesfarmers is engaged in the retailing operations including supermarkets, merchandise and department stores, fuel, liquor and convenience outlets; retailing of home improvement and outdoor living products and supply of building materials; retailing of office and technology products; coal mining and production; gas processing and distribution; industrial and safety product distribution; and chemicals and fertilisers manufacture; and investments. Co.'s retail operations includes Coles, which operates Coles Supermarkets, Coles Express, Liquorland, Vintage Cellars, First Choice Liquor, and Spirit Hotels, among others; while its departmental operations include Kmart and Target retailers.
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