reports
- Denise Molina
Ferguson's 3Q Looks Strong, but We Worry About Peak Growth
Ferguson posted another good quarter, with market tailwinds and some market share gains supporting what has been a very good run this year in its U.S. business. Its international portfolio remains the weak link in the group, and we still hold out hope that the company is not through trimming assets there, after the latest divestment with the sale of its Nordic business at the end of March. With the U.S. Case-Shiller Home Price Index at peak levels of 2006, we remain cautious on Ferguson's share...
- Denise Molina
Ferguson's 1H18 Shows Cyclical Tailwinds From U.S. Construction Market...
The U.S. drove a robust first half for Ferguson, with volume, rather than price, boosting 7.4% group organic revenue growth, and the cyclical upswing in U.S. construction lasting longer than we expected. U.S. residential new construction and remodelling are the largest end markets for Ferguson, providing around one third of its group revenue. The U.S. Case-Shiller Home Price Index, which tracks 20 of the largest US housing markets, is at peak levels last seen in 2006. Year-over-year growth gene...
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