Travis Perkins clocked a robust trading performance in Q3 FY22. The group’s lfl sales came in at +7.4% yoy, driven by the core Merchanting business (+8.7% yoy). While the decline in volume was attributable to tough comparable base, it will be increasingly difficult for management to pass on price increases to end-customers. The strong order book (claimed by large contractors) is also unlikely to be sustained. We will trim our financial estimates slightly but maintain our positive stance based on ....