Ferguson PLC

FERG: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 74,573.00	Slbwzyg	Tqxgwlmf

Ferguson Earnings: On Track to Deliver Full-Year Growth Despite Slowing End Markets

Brian Bernard

Jun 6, 2023

After reviewing Ferguson’s fiscal third-quarter results and 2023 outlook, we’ve raised our fair value estimate for the New York Stock Exchange-listed shares approximately 2% to $141 per share, primarily due to the time value of money. The change in the GBP/USD exchange rate since our last update (1.24 versus 1.26), along with time value of money, caused us to raise our fair value estimate for London Stock Exchange-listed shares about 4% to GBX 11,400.

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