Equity Research, Broker Reports, and media content on KINGFISHER PLC etc.

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Equity Research, Broker Reports, and media content on KINGFISHER PLC etc.

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about KINGFISHER PLC
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard

Research, Charts & Company Announcements

Research Tree offers KINGFISHER PLC research coverage from 2 professional analysts, and we have 7 reports on our platform.

Our simple but effective charting function allows for a quick scan of KINGFISHER PLC's performance over multiple time horizons.

Date Source Announcement
21/10/2016 17:25:02 London Stock Exchange Transaction in Own Shares
20/10/2016 09:00:02 London Stock Exchange Director/PDMR Shareholding
19/10/2016 17:30:02 London Stock Exchange Transaction in Own Shares
19/10/2016 09:00:02 London Stock Exchange Director/PDMR Shareholding
14/10/2016 17:21:02 London Stock Exchange Transaction in Own Shares
10/10/2016 15:00:03 London Stock Exchange Share Repurchase Programme
03/10/2016 11:30:01 London Stock Exchange Total Voting Rights
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Latest Content

Breakfast Today

  • 21 Sep 16

"Perhaps recognising the toxic effects of diving deeper into negative interest rates, the Bank of Japan this morning left deposits at minus 0.1% while retaining its target Y80tr annual buying of JGBs. The decision comes after an in-depth internal review of its unsatisfactory measures to generate inflation and support the wider economy, whereupon it instead changed policy framework to target 10-year interest rates, committing to keep them close to zero while expanding the monetary base until inflation stabilises above 2%. This is part of a new initiative to steepen the yield curve and weaken the Yen. While most observers conclude that Haruhiko Kuroda, like most other major central bank Governors, is effectively running out of ideas and options, Japanese traders chose to celebrate the news by piling into cheap financials whose share prices had already priced in further rate trimming but instead became the obvious beneficiaries of the BoJ's new 10-year target. Overnight markets closed in positive territory across the board, although the Nikkei was a head and shoulders above its Asian neighbours amid high trading volumes, while the principal US indices largely trod water with activity led by a few tech majors only as investors nervously await Janet Yellen's speech scheduled for this afternoon. The UK today will see release of its Public Finances data, while the OECD publishes its economic outlook report; corporates including DX Group (DX..L), Northgate (NTG.L) and Saga (SAGA.L) are amongst a good number of second-liner due to release earnings figures this morning. Traders will also be keeping a close eye out for further media reports that major oil producing countries may be edging toward a production agreement, which resulted in crude prices gaining marginally during Asian trade, despite nervousness ahead of this afternoons US inventory release. The FTSE-100 is seen gaining some 30-points in opening trade." - Barry Gibb, Research Analyst

Strong performance in the UK; France lags temporarily

  • 09 Sep 16

Kingfisher released a Q2 FY16 trading update ahead of our estimates as well as market consensus. The lfl revenue increased by 3% (vs Q1 16: +3.6%, Q4 15: +2.8%; our estimate: +1.5%), once again driven by the strong performance in the UK & Ireland (Q2 16: +7.2% vs our estimate: +1.8%). B&Q clocked lfl growth of 5.6% (vs our estimate: +2.5%) on the back of strong demand of both seasonal (+9.6% yoy) and non-seasonal products (+3.4%; includes showroom). Likewise, Screwfix continued the resilient performance with +13.3% lfl, led by its Omni channel capability, roll-out of new / extended ranges and new outlets. Among international markets, Poland (Q2 16: +7.3%, Q1 16: +10.8%; our estimate: +2.5%) continued to benefit from supportive market conditions, new ranges and strong growth from seasonal and non-seasonal products. France was down 3.2% on a lfl basis (vs Q1 16: +0.2%, Q4 15: -1.0%; our estimate: 0%) due to widespread industrial action and exceptionally wet weather. Both Castorama (-3.3% yoy) and Brico Depot (-3.1% yoy) slipped into negative zones during the quarter. However, the reported revenue increased by 8.4% (vs Q1 16: +5.1%, Q4 15: +0.7%; our estimate: +4.2%), on the back of FX tailwinds (appreciation in the euro and Polish zloty vs sterling). The company completed the disposal of the remaining 30% stake in B&Q China (for net cash proceeds of £63m; initial 70% stake was sold for £140m in April 2015) and returned £150m (44m shares) via share buy-backs of the previously announced c. £600m capital return programme. Management expects the gross margin for H1 16/17 to increase 50bp yoy in France (due to less promotional activity), decline 100bp yoy in the UK (reflecting mix effects from the strong growth in Screwfix, clearance related to the B&Q store closures and higher Omni channel sales) and expand by 150bp yoy in Poland (reflecting strong trading conditions). Also, the company remains cautious on the short-term outlook in the wake of post-Brexit uncertainties and challenging macro conditions in France.

UK acts as saviour again amidst French woes

  • 28 Apr 16

Kingfisher released Q4 and FY15/16 results broadly in line with our estimates and slightly ahead of market consensus. In Q4, lfl revenue increased by 2.8% (vs 2.6% in Q3 and 2% in H1); Screwfix (+15.1% vs. +13.3% in Q3, 16.5% in H1) led the pack with strong digital and mobile growth, and the roll-out of new and extended product ranges. B&Q clocked 4.4% growth (vs. +2.4% in Q3 vs 0.7% in H1) on the back of stronger demand of indoor products (excluding showrooms: kitchen and bathroom). However, the sluggishness in the French home improvement market and subdued house building activity trickled down to Castorama (-1.3% vs. -0.2% in Q3) and Brico Depot (-0.7% vs. +0.4% in Q3). The operating profit margin (excluding JV and central costs) improved 120bp yoy to 4.9%, underpinned by lower promotional activity in France (+170bp) and the UK & Ireland (+80bp). For the full year, revenue was up 2.3% on a lfl basis (vs 0.5% in FY14/15; constant currency: 3.8% vs 2.9% in FY14/15), driven by a strong performance in the UK (4.4% vs 3.2% in FY14/15), Poland (3.6% vs 0.4% in FY14/15) and lower losses in new geographies. While France remained largely flat (-0.4% vs -2.3% in FY14/15), adverse currency movements, particularly the depreciating euro, led to a 4.8% decline in reported revenue to £10,441m (vs our estimate of -5.2% yoy). The underlying EBIT margin was up 40bp to 6.3%, primarily driven by productivity initiatives (roller checkouts and store-friendly deliveries) at B&Q. The company booked an exceptional gain of £143m on disposal of a 70% stake in B&Q China during the year. The B&Q store closure programme (15% space reduction by end of FY16/17, 65 stores) is on track with the first 30 closed in FY15/16. The company opened a 42 stores net during the year, mainly driven by 62 Screwfix openings in UK. Adjusted net profit for the year slipped by 9.8%, while the full-year dividend was increased by 1% yoy to 10.1p per share. For FY16/17, management is positive on the economic fundamentals in UK, while it remains cautious on the outlook for France.

Ambitious turnaround plan; value locked in execution

  • 17 Feb 16

Kingfisher announced an aggressive transformation plan on its Capital Markets Day, aiming to uplift PBT by £500m through to 2021 (FY14-15: £674m). The total cash expense of the programme is estimated at c. £800m (capex: £310m + operating expense: £220m + exceptional costs: £270m). Highlights of the plan include: • Unique and unified offer - Plan to reduce COGS (c.£7bn) by 5% through unification of product categories (reduce SKUs from 27,790 to 6,684) and collective sourcing. The proposition would entail a cost of £480m and result in a £350m benefit (5% of the £7bn buying scale). • Digital plan - Investment in e-commerce platforms to strengthen online penetration (from 2% to 6-7% of total sales), with the focus on leveraging the Screwfix platform, Brilliant Basics. Investment of £210m is expected to yield a £50m uplift. • Operational efficiency - Unifying c.90% of £1.2bn goods not for resale spend (products not directly sold to customers, i.e. print and paper, handling equipment, etc.). Investment of £110m is estimated to result in a £100m profit uplift by 2021. In terms of P&L effect, management has guided for overall pre-exceptional profit to be adversely impacted by £50m in FY16/17 and £70-100m (net of operational efficiency) in FY17/18. Along with these transformation costs, exceptional costs of £270m (for supply chain revamp) will be incurred over the first three years of the plan (FY16/17-FY18/19). Kingfisher plans to continue with the Screwfix expansion and is looking to open four new stores in FY16/17 (vs six in FY15/16). After completion of £200m stock repurchases this year, management announced plans of a £200m pa capital return over the next three years as well.