WES –5.62: delivered a broadly solid group print, but the market focused on softer-than-hoped results from Bunnings and Kmart relative to expectations.
1H26 Highlights
- Revenue: $24.21bn (+3.1% y/y) – consensus $24.1bn
- EBIT: $2.49bn (+8.4% y/y) – consensus $2.38bn
- Interim dividend: $1.02 (vs $0.95 y/y)
The disappointment came from retail execution with EBIT was around 2% below expectations and Kmart revenue missing by about 1%. A bright spot was lithium earnings which surprised the upside and continues to provide diversification.
MM remains neutral WES ~$84
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