Double-digit growth at a discount

研报英文原文证据摘录

Double-digit growth at a discount

UK | Retailers

Wickes Group PLC EquityJulyResearch22, 2026

TARGET | ESTIMATE CHANGEDouble-digit growth at a discount

Wickes delivered a reassuring Q2 update, with Retail LFLs returning to RATING BUY

growth and FY26 guidance maintained. While softer D&I growth and weaker PRICE 192.60p^

order intake suggest some moderation in demand may persist into FY27, PRICE TARGET | % TO PT 250.00p (264.00p) | +30%

we still expect c.15% earnings growth next year and, with the shares trading 52W HIGH-LOW 255p - 169p

on just c.9x FY27E P/E, we maintain our Buy rating. FLOAT (%) | ADV MM (USD) 91.4% | 1.25

MARKET CAP £452.2M | $604.5M

Retail returns to growth. Yesterday, Wickes reported its Q2'26 trading update, with Retail LFL TICKER WIX LN

growth of +0.6%, marking a clear improvement from the weaker-than-expected -1.7% decline ^Prior trading day's closing price unless otherwise

noted.

in Q1. We were encouraged by the group's continued market share gains in H1, while Retail

LFLs remain robust on a two-year stack at +8.5%. Most notably, Retail delivered strong volume

growth despite a deflationary pricing environment, highlighting resilient underlying demand. FY (Dec) CHANGE TO JEFe JEF vs CONS

D&I momentum softens. Heading into the update, our expectations were mixed. While recent 2026 2027 2026 2027

trading from home-related peers such as DFS had pointed to a moderation in big-ticket REV -2% -3% -1% NM

demand, Dunelm had seen some top-line improvement, and industry data remained relatively EPS NM -5% +6% +4%

supportive. We were therefore encouraged to see D&I deliver positive LFL growth of +1.8%,

although this represented a notable slowdown from +5.7% in Q1. Performance remained 2026 (p) 1Half 2Half FY