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...
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