U.S. Still Carrying the Weight for Wolseley; Maintaining Fair Value Estimate; Shares Overvalued
Wolseley reported fiscal third-quarter 2016 results in line with our expectations, but in its outlook pointed to softening sales for the first three weeks of the fourth quarter, leading to around 1% underlying growth, down from 2%-3% in the third quarter. We are maintaining our fair value estimates of GBX 2820 for the local shares and $4.20 for the ADR, and we believe the shares remain overvalued. Management indicated lower guidance for 2016 (July year-end) operating income, now expected to be s...Ferguson Plc, formerly Wolseley plc, is a Switzerland-based holding company. The Company is engaged in the distribution of plumbing and heating products and building materials. The Company's segments include USA, UK, Nordics, and Canada and Central Europe. The Company operates seven business units in the United States, six of these mainly operate in the business to business (B2B) market with one operating in the business to consumer (B2C) market. The Company, through Wolseley UK, operates approximately three businesses in the B2B market and has over 737 branches covering the whole country. The Nordic region consists of five businesses that operate a total of approximately 256 branches across over four countries, supported by approximately five distribution centers. The Company's businesses serve residential repair, maintenance and improvement (RMI) and new construction markets. Ferguson Enterprises, Inc (Ferguson) is the Company's primary brand in the USA segment.
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