Ferguson’s Q2 FY23 performance was in line with our estimates but below the street’s expectations. Although the group’s organic revenue grew 2.7% yoy, the adjusted EPS of $1.91 was 5% below the consensus. The weakness in the residential segment was offset by non-residential in the US. We expect organic sales to soften further in H2 FY22/23, as the volume will remain in the red and price inflation moderates gradually. Management should be able to walk the talk (guidance). Positive recommendation ....