In an ad-hoc press release, Travis Perkins has announced its Q3 FY23 trading performance (-1.8% lfl) and issued a profit warning for the full year – FY23 adjusted EBIT is now guided at £175-195m (vs £240m previously). Weak trading in September and commodity price deflation are likely to dent the near-term performance. However, the fundamentals are still sound and TP should rebound from the H2 FY24. We will reduce our target price by 7-10% but the valuation remains attractive at the current level ....
