29/08/2024 17:25

Wesfarmers (WES) $74.06

WES -4.07%: pulled back today, though it was more about FY25 trading to date from Bunnings, which has slowed relative to 2H24 and mildly higher capex guidance than any issues with FY24 numbers, plus of course the stock has run hard in the last couple of weeks trading at all-time highs.

Read more

27/08/2024 09:57

Wesfarmers Ltd (WES) $76.99

WES rallied another +1.1% on Monday, gaining a whopping +35% year-to-date. This is a perfect example of fund managers chasing a quality stock to regain market exposure in a “safe” manner.

Read more

06/08/2024 09:32

Wesfarmers Ltd (WES) $69.16

WES delivered an excellent half-year update in February. It faces the music again on the 29th of this month, but cream usually floats to the top.

Read more

23/07/2024 09:25

Wesfarmers Ltd (WES) $70.87

WES can outperform its peers into Christmas as a more defensive retailer, with its diverse mix of underlying businesses. That said, we think this is in the price and with a yield sub 3%, WES is now less appealing than in previous years. Another example of a good stock/company that looks almost fully valued, a common characteristic when we trade around all-time highs.

Read more

16/07/2024 09:40

Wesfarmers Ltd (WES) $70.00

On Monday, WES was the best-performing retail stock, closing up +2.1%, whereas JB Hi-Fi slipped -0.2%. We often say, “One day doesn’t make a summer.” Still, it was interesting to see the more defensive retailers outperforming as the ASX broke above 8000,  a trend we can see continuing as investors worry about lofty valuations leading to more conservative positioning in the second half of 2024.

Read more

15/02/2024 16:52

Wesfarmers (WES) $61.91

WES +5.04%: the retail and industrial conglomerate hit levels not seen in more than 2 years on a strong 1H update today. Revenue was marginally higher and slightly ahead of expectations, while Earnings Before Tax (EBT) of $2.1b was a 5% beat to consensus. Bunnings, Officeworks & their health and industrials segments were all in line with expectations.

Read more

15/11/2023 09:13

Wesfarmers (WES) $53.24

We all link Wesfarmers to their ownership of Bunnings, which now makes up ~60% of their earnings (after they spun out Coles in 2018). While Bunnings continues to deliver for WES, their broader business is at an interesting juncture. WES is about to become a significant Lithium producer via its 50%  ownership of the Mt Holland mine around 500 km east of Perth, which is expected to come online in the second half of 2024, with earnings flowing into FY25.

Read more

25/08/2023 17:32

Wesfarmers (WES) $51.00

WES +3.2%: A solid FY23 result for Wesfarmers today, led by Bunnings,  while trading conditions to start FY24 have been resilient. Revenue of $43.6bn was up +18% and a touch ahead of the $43bn expected, while pre-tax earnings of $3.64bn was up +6.7% and compared well to consensus of $3.62bn. They declared a final dividend of $1.03 putting the FY payout to $1.91, above the $1.84 tipped

Read more

31/05/2023 09:10

Wesfarmers (WES) $49.30

The group hosted a strategy day yesterday at a significant juncture in the company’s history as they continue to shift from its heavy retail exposure to a growing portion of earnings coming from health & chemicals. Bunnings has made up the bulk of earnings since the demerger of Coles in 2018, and the company sold its final stake in the supermarket 6 weeks ago which sees the company flush with cash for capex spend and/or dividends.

Read more

21/04/2023 09:39

Active Income Portfolio – Amendments

We are trimming various holdings across the Income Portfolio to raise cash levels.

Read more