Ferguson PLC

FERG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$114.00	Jhtmsr	Sxcrwyx

Acquisitions Will Help Ferguson Grow Faster Than Subdued End Markets in Fiscal 2024

Brian Bernard

Mar 5, 2024

Business Strategy and Outlook

Ferguson primarily serves three major end markets: repair and remodel (Ferguson refers to this market as repair, maintenance, and improvement), new construction, and civil infrastructure. Between 2008 and 2022, Ferguson's exposure to the U.S. RMI market (as a percentage of sales) increased from 31% to 60%, while U.S. new construction revenue exposure decreased from 58% to 40%.

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