Wesfarmers’ Bunnings Still Hungry for Growth. AUD 28 FVE Unchanged
Following the Bunnings investor briefing and site tour, we maintain our expectation the hardware retailer will outperform its competition longer term by executing on manifold growth options. But despite our positive outlook on Bunnings’ sales growth and profitability, shares in parent Wesfarmers are screening as significantly overvalued at our unchanged fair value estimate of AUD 28.00. Bunnings is Wesfarmers’ largest business segment, accounting for close to 60% of group EBIT, and the hardware ...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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