Kingfisher PLC "H1 achievable but tougher setup into H2" (Neutral) Rajani

研报英文原文证据摘录

Kingfisher PLC "H1 achievable but tougher setup into H2" (Neutral) Rajani

noted low single digit market decline across its core markets - implying KGF is

From To % ch Cons.

executing well on its turnaround strategy which is visible in outperformance vs the 01/27E 25.84 25.90 0 25.55

markets. Notable in Q1 results were: Screwfix was the standout performer with LFL at 01/28E 28.37 28.43 0 28.32

+4.1% likely supported by momentum from the rewards programme which 01/29E 31.16 31.20 0 31.30

commenced in Oct of last year - suggesting that the benefit from rewards program could

likely continue into Q2-Q3; B&Q: The -4.1% LFL was expected given high comps in Yashraj Rajani, CFA

seasonal, but B&Q called out weather also affecting related purchases of Core Analyst

yashraj.rajani@ubs.com

categories implying that Q2 Core may likely benefit from more favourable weather. KGF

+44-20-7901 5662

made strong progress in e-commerce +16% and marketplace GMV +29% with the

latter specifically aiding gross margins. Tradepoint LFL -1.6% was disappointing given Sreedhar Mahamkali

the strong momentum in FY26; In France Brico Depot LFL -3.1% was particularly Analyst

sreedhar.mahamkali@ubs.com

disappointing, albeit somewhat saved by better seasonal performance in Castorama.

+44-20-7568 8040

Poland also remained disappointing given a soft bathroom market but it remains one to

watch given meaningful improvement in spend in some categories as seen in National Fatima Ortiz Nunez

Stats. Associate Analyst

fatima.ortiz-nunez@ubs.com

+44-20-7901 6085

PBT/EPS broadly unchanged for FY27e-29e, PT unchanged at 295p

As we actualise Q1, we raise sales estimates modestly for FY27e. Expectations for gross

margin and opex are broadly unchanged. The modestly higher sales estimates means we