WES peaked in August at ~$67 and now finds itself trading nearer ~$47 following 1H22 results that showed a decline in their growth engine Bunnings. Retailers more broadly have come off a strong FY21 as we all stayed home and bought stuff, however, FY22 has been more of a challenge. We like the conglomerate style of WES earnings in an environment where conditions will likely toughen, however, it’s not yet offering compelling value. One to add to your Hit List into further weakness.
MM is remaining patient towards WES, targeting ~$45
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