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Since 2006, Wolseley has been hit by the collapse of the US and UK property market. The residential market has now bottomed out and the non-residential sector is likely to follow suit in 2010. The group has restructured its activities and cut costs significantly: profit growth in the next 2 years will be well above average. Considering the residual risks, this share has significant potential.
Wolseley has published slightly better than expected half-yearly results. Restructuring is ahead of targets and efforts are continuing. The net debt over the six months period is stable, while the balance sheet is one of the least leveraged of the sector. The management is launching its 2nd stage of action on a stabilized residential market and a non-residential market which is falling less rapidly. It also has a clear vision of its priorities for the allocation of its resources. PLUS-R code confirmed.
Since 2006, Wolseley has been hit by the collapse first of the US and then of the UK property market. The residential market has now bottomed out and the non-residential sector is likely to follow suit in 2010. The group has restructured its balance sheet and its new CEO will continue to restructure the consolidated companies. Considering the residual risks, this share has significant potential.
Wolseley announced results sharply higher than expected. Cost cutting efforts will continue. Cash generation is high and the balance sheet is now one of the least leveraged in the sector. The group’s commentary on markets is changing from ‘deterioration’ to ‘stabilisation’, and even ‘improvement’ concerning profits for the next half year. PLUS-R rating confirmed.
In the past 3 years Wolseley has been hit by the rapid decline of the US and then the English housing market. Advanced indicators suggest that the situation is about to stabilise on these markets. The group has undertaken extensive industrial restructuring and strengthened its balance sheet. It should therefore emerge stronger from the crisis. We believe that the share has strong potential for recovery, even allowing for the persistent risks (banks, restructuring success).
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