Wolseley Inching, but Not Quickly Enough, Towards a Concentrated Portfolio; Shares Overvalued
Wolseley’s first-quarter fiscal 2017 is tracking in line with 2016 and mildly ahead of our full-year forecasts for revenue growth and trading profit margin. Revenue growth increased just under 2% on an organic basis, with the 3% decline in international masking the 4% growth at Ferguson, and the group trading profit margin was 7%. We maintain our estimates and GBX 3020 fair value estimate with only one quarter of results. In the U.S., Wolseley's largest market, the net implications from the rece...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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