Kingfisher posted Q3 results slightly below our estimates. France continued to be the pain point while the UK was once again driven by Screwfix. However, we expect a better performance in France going forward as management moves ahead with the turnaround plan, improving the value proposition and economic activity gradually picks up. Our fundamental estimates are reset upwards, but no changes in the stock recommendation.
10 Jan 2018
No respite in the near-term; France likely to pick-up gradually
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No respite in the near-term; France likely to pick-up gradually
Kingfisher Plc (KGF:LON) | 245 -6.4 (-1.0%) | Mkt Cap: 4,593m
- Published:
10 Jan 2018 -
Author:
Nishant Choudhary -
Pages:
3
Kingfisher posted Q3 results slightly below our estimates. France continued to be the pain point while the UK was once again driven by Screwfix. However, we expect a better performance in France going forward as management moves ahead with the turnaround plan, improving the value proposition and economic activity gradually picks up. Our fundamental estimates are reset upwards, but no changes in the stock recommendation.