1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Demand for no-moat Kingfisher’s do-it-yourself products has been more resilient than initially expected during the start of second-half 2021, resulting in management raising full guidance. Second-half sales are expected to fall between 3% and 7% from the initial guidance of a decline between 5% and 15%. We slightly adjust our short-term forecasts but maintain our GBX 353 fair value estimate, which is in line with the current share price.
Kingfisher is a home improvement company with over 1,360 stores in nine countries across Europe. The company operates several retail banners that are focused on trade customers and general do-it-yourself needs. Kingfisher’s main retail brands include B&Q, Screwfix, and TradePoint in the United Kingdom and Castorama and Brico Depot in France. The U.K. and France are Kingfisher’s largest markets, accounting for 81% of sales. The company is the second-largest DIY retailer in Europe, with a leading position in the U.K. and a number-two position in France.
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