Kingfisher PLC: No nasty surprises and continued strategic momentum (model update)

研报英文原文证据摘录

Kingfisher PLC: No nasty surprises and continued strategic momentum (model update)

Equity Research

European General Retail

26 May 2026

Kingfisher PLC

No nasty surprises and continued

strategic momentum (model

KGF.L/KGF LN EQUAL WEIGHTupdate)

Unchanged

In line LFL and reiterated outlook drives share price European General Retail NEUTRAL

outperformance, reflecting relief at lack of nasty surprise. Unchanged

Encouraging elements: Screwfix LFL after rewards scheme Price Target UnchangedGBp 300

launch, Casto France self-help coming through, and Price (26-May-26) GBp 297

marketplace & trade growth. EPS down a touch on buyback Potential Upside/Downside +0.9% Source: Bloomberg, Barclays Research

assumptions. EW.

Market Cap (GBP mn) 5023

In line LFL sales growth and reiterated full year guidance was enough to drive share price Shares Outstanding (mn) 1690.19

outperformance today (+4.4% vs FTSE 100 +0.9%). Relief at the absence of negative surprises, Free Float (%) 99.96

particularly clear signs of a deterioration in underlying consumer demand, likely explains 52 Wk Avg Daily Volume (mn) 4.7

much of that reaction, though there were other areas of encouragement - Screwfix LFL Dividend Yield (%) 4.17

acceleration on the back of a rewards programme launch, underlying progress at Casto Return on Equity TTM (%) 3.92

France, and continued momentum in strategic growth drivers (marketplace and trade). We Current BVPS (GBp) 360

leave our numbers largely unchanged (EPS down a touch on buyback assumptions). We Source: Bloomberg

remain Equal Weight due to limited near-term demand visibility, but expect the stock to

outperform on signs of a sustainable de-escalation in the Middle East. Price Performance Exchange-LSE

52 Week range GBP 3.72-2.40

Screwfix delivers as seasonal drags on B&Q.