Wesfarmers Takes a Hit on Homebase and Target, but Impact Immaterial to Our AUD 37 FVE
Wesfarmers is taking the knife to the carrying value of its Bunnings business in the United Kingdom and Ireland, or BUKI, and the structurally challenged discount department store Target. The largest cut is at BUKI, where book value is expected to be slashed to about GBP 150 million from some GBP 700 million prior. Wesfarmers bought the second-largest British home improvement chain for GBP 340 million in February 2016, and has since invested significantly in the business, meaning most of the val...
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