There were no surprises in Ferguson’s FY21/22 performance – both organic sales and adjusted operating margin were in-line with market expectations. However, the final dividend of $1.91 per share was below consensus. Although Ferguson has clocked up a good start to Q1, we expect FY22/23 performance to come under pressure due to a tough comparable base and softening customer demand (especially during H2). We will trim the financial estimates slightly but continue to see Ferguson as solid business ....
