Ferguson is a holding company. Through its subsidiaries, Co. is a distributor of plumbing and heating products in the U.S. Co. operates nationally serving the residential, commercial, civil and industrial markets. Co. operates seven business units in the U.S.: Blended Branches, which provides plumbing and heating solutions ; Waterworks standalone, which distributes pipe, valves and fittings, hydrants, meters and related water management products; B2C e-commerce, which sells directly to consumers via websites using the product range and distribution network of the Blended Branches business; as well as Other, which comprises industrial standalone, fire and fabrication, and facilities supply.
  • TickerFERG
  • ISINJE00BFYFZP55
  • CountryJersey

Analysts

Expert Corporate Governance Service (ECGS)

Ferguson - EGM 29 April 2019

The Proposals are being implemented by way of a Jersey scheme of arrangement which requires two shareholder meetings to be held: a Court Meeting and the subsequent Scheme General Meeting. This report addresses the General Meeting. At the Court meeting held immediately prior to this General Meeting, shareholders were asked to approve a scheme of arrangement. Under the scheme, shares held in the Company will be exchanged for shares in New Ferguson at a one to one ratio. The shares in New Ferguson will have the same rights as shares in the Company. Shareholders will, thus, become shareholders of...

Nurhayati Wan
Alain William ...
  • Christophe-Raphaël Ganet
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/27/2019

We are downgrading our recommendation on E.ON to Neutral after being on Buy since the tie-up with innogy was announced in March 2018. We currently believe that the official synergies (€ 600m-800m) are no longer a catalyst for creating value after the difficulties encountered by innogy over the past 18 months. As such, value creation for the shareholder is only possible via additional synergies (€ 150m-300m) and even then it would be limited to 2-16% compared to the current share price...

Alain William ...
  • Christophe-Raphaël Ganet
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/03/2019

Nous dégradons notre recommandation à Neutre après avoir été à l’Achat sur le titre depuis l’annonce du rapprochement avec innogy en mars 2018. Nous estimons à présent que les synergies officielles (600 à 800 M€) ne constituent plus un catalyseur de création de valeur après les difficultés rencontrées par innogy au cours des 18 derniers mois. Seule la prise en compte de synergies additionnelles (de 150 à 300 M€) permettrait de créer de la valeur pour l’actionnaire mais dans une propor...

Sven Edelfelt ...
  • Virginie Rousseau

Ferguson : Towards a period of weaker growth

>Earnings a shade below expectations - Q2 2018 operating profit 0.8% below expectations. Operating profit came in at $ 744m vs ($ 750m for the consensus and $ 740m for ODDO BHF). The group has published l-f-l growth of 6.3% in line with Q1 at +6.7% after +8.1% in Q4 and 7.1% in Q3 (consensus at 6.9%). Growth clearly stalled in February/March. In the US, growth reached 9.7% in Q2 after 9.6% in Q1, 11.4% in Q4 and 10.6% in Q3 (including a price effect of around 3%). In ...

Nurhayati Wan
Sven Edelfelt ...
  • Virginie Rousseau

Ferguson : Towards a period of weaker growth

>Earnings a shade below expectations - Q2 2018 operating profit 0.8% below expectations. Operating profit came in at $ 744m vs ($ 750m for the consensus and $ 740m for ODDO BHF). The group has published l-f-l growth of 6.3% in line with Q1 at +6.7% after +8.1% in Q4 and 7.1% in Q3 (consensus at 6.9%). Growth clearly stalled in February/March. In the US, growth reached 9.7% in Q2 after 9.6% in Q1, 11.4% in Q4 and 10.6% in Q3 (including a price effect of around 3%). In ...

Sven Edelfelt ...
  • Virginie Rousseau

Ferguson : Vers une période de croissance moins forte

>Résultats marginalement en dessous des attentes - Résultat opérationnel T2 2019 0.8% en dessous des attentes. Le résultat opérationnel ressort à 744 M$ vs (750 M$ pour le consensus et 740 M$ pour ODDO BHF). Le groupe a publié une croissance à pcc de 6.3% en ligne avec le T1 à +6.7% après +8.1% au T4 et +7.1% au T3 (consensus de 6.9%). La croissance a clairement marqué le pas aux mois de février/mars. Aux États-Unis, elle ressort à 9.7% au T2 après 9.6% au T1, 11.4% a...

Denise Molina

Morningstar | FERG Updated Star Rating from 26 Mar 2019

No-moat Ferguson announced first-half results that were relatively strong but surprised the market by lowering guidance for the full year. We had been forecasting a slowdown this year and are maintaining our forecasts and GBX 4,500 and $5.90 fair value estimates for the local and ADR shares, respectively. The shares look richly valued. New guidance for the full year implies a second-half slowdown in organic revenue growth to between negative 0.5% and positive 3.5% from 6.5% in the first half. Organic growth had been running in the mid- to high single digits in the last couple of years, so a s...

Denise Molina

Morningstar | Ferguson Lowers Guidance for Full Year on Weaker Demand; Shares Richly Priced

No-moat Ferguson announced first-half results that were relatively strong but surprised the market by lowering guidance for the full year. We had been forecasting a slowdown this year and are maintaining our forecasts and GBX 4,500 and $5.90 fair value estimates for the local and ADR shares, respectively. The shares look richly valued. New guidance for the full year implies a second-half slowdown in organic revenue growth to between negative 0.5% and positive 3.5% from 6.5% in the first half. Organic growth had been running in the mid- to high single digits in the last couple of years, so a s...

Alain William ...
  • Christophe-Raphaël Ganet
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/27/2019

We are downgrading our recommendation on E.ON to Neutral after being on Buy since the tie-up with innogy was announced in March 2018. We currently believe that the official synergies (€ 600m-800m) are no longer a catalyst for creating value after the difficulties encountered by innogy over the past 18 months. As such, value creation for the shareholder is only possible via additional synergies (€ 150m-300m) and even then it would be limited to 2-16% compared to the current share price...

Alain William ...
  • Christophe-Raphaël Ganet
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/03/2019

Nous dégradons notre recommandation à Neutre après avoir été à l’Achat sur le titre depuis l’annonce du rapprochement avec innogy en mars 2018. Nous estimons à présent que les synergies officielles (600 à 800 M€) ne constituent plus un catalyseur de création de valeur après les difficultés rencontrées par innogy au cours des 18 derniers mois. Seule la prise en compte de synergies additionnelles (de 150 à 300 M€) permettrait de créer de la valeur pour l’actionnaire mais dans une propor...

Alex Koagne ...
  • Benoit Valleaux
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Manuel Martin
  • Sven Edelfelt
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/29/2018

...

Alex Koagne ...
  • Benoit Valleaux
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Manuel Martin
  • Sven Edelfelt
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/11/2018

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Manuel Martin
  • Olivier Lebrun
  • Sven Edelfelt
  • Thomas Effler
  • Vincent Maulay
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/30/2018

A number of recent indicators in France have disappointed and the upturn in Legrand’s activity there (16% of sales) has not been as robust as hoped, prompting concerns about underlying difficulties. But we think Legrand’s business in France is in line with market trends and, importantly, the group has found alternative sources of growth. We reiterate our Buy recommendation. Cf. report published today. - - ...

With a more favourable environment, FERGUSON PLC. improves to Slightly Positive

FERGUSON PLC. (GB), a company active in the Building Materials & Fixtures industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date January 18, 2019, the closing price was GBp 5,321.00 and its potential was estimated at GBp 5,607.63.

Nurhayati Wan
Nurhayati Wan
Nurhayati Wan
Nurhayati Wan
MarketLine Department

Mitsubishi Heavy Industries, Ltd. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Mitsubishi Heavy Industries, Ltd. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Mitsubishi Heavy Industries, Ltd. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain...

Expert Corporate Governance Service (ECGS)

Ferguson - EGM 29 April 2019

The Proposals are being implemented by way of a Jersey scheme of arrangement which requires two shareholder meetings to be held: a Court Meeting and the subsequent Scheme General Meeting. This report addresses the General Meeting. At the Court meeting held immediately prior to this General Meeting, shareholders were asked to approve a scheme of arrangement. Under the scheme, shares held in the Company will be exchanged for shares in New Ferguson at a one to one ratio. The shares in New Ferguson will have the same rights as shares in the Company. Shareholders will, thus, become shareholders of...

Jérôme VINERIER

Short term view - FERGUSON PLC : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at 4,897.26 p. The bearish trend would be challenged above 5,781.05 p.

Jérôme VINERIER

Analyse court terme - FERGUSON PLC : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4 897,26 p. La tendance baissière serait remise en cause au-dessus de 5 781,05 p.

Jérôme VINERIER

Analyse court terme - FERGUSON PLC : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 4 897,26 p, puis 4 302,75 p. Le franchissement de 5 781,05 p remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - FERGUSON PLC : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at 4,897.26 p, then 4,302.75 p. Passing 5,781.05 p would question the continuation of the fall.

Valérie GASTALDY

Medium term view - FERGUSON PLC : The correction is gaining traction.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at 5,892.00 p.

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