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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wolseley | LSE:WOS | London | Ordinary Share | JE00BFNWV485 | ORD 10 53/66P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4,527.00 | 4,530.00 | 4,532.00 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
28/9/2009 09:24 | No comment on here for ages. Am I right in thinking that the dividend is going 'ex' at start of October. | dondee | |
03/6/2009 10:05 | probably sold the Stock unit wight at the bottom of the market (yesterdays US housing data) but atleast they still have half of it | bozzle2 | |
02/6/2009 14:11 | WOW!!! still that big gap to fill | bozzle2 | |
02/6/2009 11:53 | should be back in the FTSE next week. will it mean a buying spree beforehand? | bozzle2 | |
01/6/2009 12:10 | sprung another leak! | tpaulbeaumont | |
28/5/2009 16:40 | from ft alphaville PM: We haven't mentioned Wolseley BE: No. PM: Stock has been hammered this morning PM: Price down 170p at 10.59 BE: That's post the reverse stock split of course. BE: Or whatever Charlomango wants us to call share consolidations. BE: Anyway, I'll just jump to a succinct summary from Collins Stewart. BE: Another disaster BE: Yet another grim trading update Wolseley has put out an IMS for 9M ended April 2009. Sales are up 0.2%, but EBITA is down 58% and PBT 80% down. In comparison, BSS yesterday reported FY results with virtually stable sales and EBIT/PBT. We believe Wolseley is losing market share the turmoil of its debt problems and the scale of Stock losses have left it poorly placed to navigate the downturn. For the first 9M, Wolseley reported the following EBITA trends US 32%, UK down 75%, France 70%, Nordic 50%. We downgrade from Hold to Sell, TP 1030p. BE: Stock losses wont disappear after all Wolseley has put its loss-making US housing business Stock into a JV. It will consolidate its 49% share of the post-tax losses going forward. This partial exit near the bottom of the US housing cycle is unfortunate in our view. BE: How attractive is the rest of the business? Post-Stock, Wolseley is left with the following sales split US 38%, Canada 5%, UK 20%, France 15%, Nordic 15%, CEE 7% (CEE is under strategic review). This split is far from ideal. The US business Ferguson is mainly geared to commercial spend, which peaked in Q408 and faces a +30% fall in the next two years, in our view. The group is losing market share in the UK and France to the likes of Travis, BSS and St Gobain. The Nordic business DT also faces a sharp fall in underlying demand. BE: Very sharp rally cut to Sell The shares have more than doubled from March lows. Short interest which peaked at over 20% - now stands below 5%. Two long-awaited catalysts the rights issue and Stock JV are behind us. We cut our 09 EBITA by 16% and from Hold to Sell, TP 1030p. This is based on DCF (WACC 9.3%, growth 2%). CS Quest default stands even lower, at 836p, with a Triangle score of 2/10 and the CS Quest value per share falling 26% pa over the last three years. The stock trades on 17x PE, above the upper end of its historical range. We are not convinced that Wolseley is at the trough of the cycle and question a premium rating given its performance in this downturn. BE: And a line from HSBC BE: 3Q trading update worse than expected Wolseley's trading update indicated a constant currency decline in revenues of c15% and trading profit of c65%. This implies a c21% decline for Q3 on a constant currency basis, given the c12% constant currency decline in H109a. Trading profit of GBP189m for the nine months indicates a GBP7m trading profit in Q309e or a 0.2% trading margin (pre-restructuring costs and amortisation). BE: Europe's weakness expected, Ferguson will be a negative surprise for investors We believe that weakness in Europe was anticipated, but weakness at the US plumbing business, Ferguson, will be a surprise. Ferguson recorded a constant currency revenue decline of c15% (H109a was -11%). Worse still, the trading margin for nine months in the division was c5.1% (from c6.2% until H109a). This implies a strong margin decline in Q309. We were modelling a margin improvement as a result of restructuring actions in H209 in the division, which clearly did not happen. Wolseley claims that Ferguson continues to focus on high margin activity. We believe the margin decline is likely to be a result of a mixture of pricing pressure as well as supplier rebate losses (implied by a mild decline in gross margins). BE: In Europe, revenue and trading profit decline rates have accelerated in Q309e. UK and Ireland recorded constant currency revenue declines for the nine months of FY09e of c15% (H109a - 14%), France of c10% (H109 -6%), and Nordic markets of c19% (H109 -13%). All these numbers indicate that Q3 decline rates were much higher. Furthermore, the company has announced an additional cost saving programme. We believe that until the bottom of the downward trend is reached, cost reduction programmes are likely to remain in place. In terms of the outlook, Wolseley indicates that it anticipates weak market conditions until early 2010e. BE: We believe it is too early to put Wolseley on mid-cycle multiple on the mid-term estimates as (1) the extent of downturn and (2) the shape of recovery are two key risks. Wolseley trades at PE multiple of c16.5x 2010e and on mid-cycle multiples on FY2011e. Given the risk of margin declines due to supplier rebate losses, pricing pressure and the unknown extent of the downturn, we reiterate our Underweight (V) rating on Wolseley with target price of 1,000p. BE: Wolseley really is a serial offender for this kind of thing. PM: indeed PM: thanks for that | spob | |
28/5/2009 12:14 | more dreadful figures. no wonder cs peed off | knockers2 | |
28/5/2009 11:52 | I closed obviously, but looks a long now.. but only to scalp i reckon. | royaloak | |
28/5/2009 10:33 | the key is where the bottom is to get some of this. | josels | |
28/5/2009 08:39 | Thought this statement was awful and am short, any other views? | royaloak | |
13/5/2009 07:14 | Does anyone know when new shares will be delivered? | slogsweep | |
06/5/2009 07:44 | ANy thoghts on news today? | matthewa | |
08/4/2009 07:16 | Thanks, worked it out, which is more than custodian had, had to explain it to them! | slogsweep | |
06/4/2009 15:18 | Download the prospectus from the Wolseley web site | typo56 | |
06/4/2009 15:06 | Does any one know time table for rights issue - aceptance dates etc. jusy back from hols. and out of touch nothing in post .Just looked at my system and it shows 1 for 10 consolidation on thurs, and a 12 for 5 split on fri. Whats that all about ? | slogsweep | |
27/3/2009 22:37 | I make it 283,836,432 (post consolidation) Based on a current market cap of £1.6bn then this should trade just north of £9 after the transaction. The market cap then will be £2.6bn. They will easily get back into the FTSE 100, but they will not have a market cap even close to the ballpark of £6.8bn! | scburbs | |
27/3/2009 21:19 | ikn, you're very close. FTSE will be using a figure of 2,823,061,000 (pre consolidation), suggesting a market cap of almost £6.8bn at a share price (pre consolidation) of 240p. That's 30th in the FTSE 100 (they're not on the reserve list so will have to wait until June to enter the FTSE 100). 28 Mar Corrected figures - see below | typo56 | |
23/3/2009 18:42 | lone pine short on the 6th @ about 170p oops . | mack7heknife | |
21/3/2009 16:12 | wolseley commented on in a good report I subscribe to. It's free and worth 2 mins. www.progressiveforex | ksedplehxerof | |
09/3/2009 14:43 | short squeeze soon all these shares need to be bought back | tetris10 | |
06/3/2009 12:25 | Assuming all placed and issued shares are taken up, I calculate that resulting number of shares (pre consolidation) is 2,819,200,000. That's over 300% dilution. Can anyone check this calculation? Being a long term investor in Wolseley I don't feel very bright right now. | ikn | |
06/3/2009 08:03 | Morning All, I am out. WOS's financial position is now secured and no covenant breach should occur. Trading is absolutely appalling so there may be further falls, but time to take the rest of my profits of the table. Interesting to see firm placing and rights issue together. Looks innovative to me and may become a trend. Clearly the 120p investors believe in the business and want to up their stake. That is a positive, perhaps the only positive though! | scburbs |
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