Kingfisher PLC

KGF: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 928.00	Tzpz	Grmqtwwk

Slightly Increasing Kingfisher’s FVE After Better-Than-Expected Q2; Shares Remain Fairly Valued

Matthew Donen

Jul 19, 2021

We slightly raise our fair value estimate for no-moat Kingfisher to GBX 353 (ADR: $9.70) per share from GBX 334 (ADR: $9.40) after incorporating a better-than-expected second-quarter trading update, which saw the company raise sales and profit guidance for the first half of the fiscal year. Following a strong first quarter, second-quarter sales have slowed at a lower-than-expected rate against a tough comparative, which sees us lift our full-year revenue forecast despite continuing to expect a slowdown in the second half of the year. We view shares as fairly valued.

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