WESFARMERS LIMITED (WES)
Share Price Analysis and Chart

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WES - WESFARMERS LIMITED

FNArena Sector : Consumer Products & Services
Year End: June
GICS Industry Group : Food & Staples Retailing
Debt/EBITDA: 2.02
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Wesfarmer is an Australian conglomerate with interests predominantly in Australian and New Zealand retail companies. It owns Bunnings, Kmart, Officeworks and Target, amongst others. Founded as the Westralian Farmers Co-operative in 1914 it became a listed entity in November 1984.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$52.66

30 Nov
2023

-0.060

OPEN

$52.99

-0.11%

HIGH

$53.00

4,562,446

LOW

$52.16

TARGET
$50.358 -4.4% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ALD . MMM . PFP .
FNARENA'S MARKET CONSENSUS FORECASTS
WES: 1
Title FY22
Actual
FY23
Actual
FY24
Forecast
FY25
Forecast
EPS (cps) xxx 217.8 220.9 xxx
DPS (cps) xxx 191.0 191.0 xxx
EPS Growth xxx 4.8% 1.4% xxx
DPS Growth xxx 6.1% - 0.0% xxx
PE Ratio xxx N/A 23.6 xxx
Dividend Yield xxx N/A 3.7% xxx
Div Pay Ratio(%) xxx 87.7% 86.4% xxx

Dividend yield today if purchased 3 years ago: 3.80%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

3.66

Estimated Dividend Growth
(Average Of Past Three Years)

 %

Amount Invested

Tell Me The Dividend After This Many Years

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 30/08 - ex-div 103c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2023 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx217.8
DPS All xxxxxxxxxxxxxxx191.0
Sales/Revenue xxxxxxxxxxxxxxx43,417.0 M
Book Value Per Share xxxxxxxxxxxxxxx729.9
Net Operating Cash Flow xxxxxxxxxxxxxxx4,179.0 M
Net Profit Margin xxxxxxxxxxxxxxx5.68 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx30.32 %
Return on Invested Capital xxxxxxxxxxxxxxx13.59 %
Return on Assets xxxxxxxxxxxxxxx8.94 %
Return on Equity xxxxxxxxxxxxxxx30.32 %
Return on Total Capital xxxxxxxxxxxxxxx19.37 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx759.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx1,135 M
Long Term Debt xxxxxxxxxxxxxxx10,034 M
Total Debt xxxxxxxxxxxxxxx11,169 M
Goodwill - Gross xxxxxxxxxxxxxxx3,846 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx673 M
Price To Book Value xxxxxxxxxxxxxxx6.76

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx1,288.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.97 %
Cost of Goods Sold xxxxxxxxxxxxxxx36,939 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx2,652 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx985 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

28/08/2023

1

Add

$55.15

4.73%

FY23 results for Wesfarmers were in line with consensus estimates and a marginal beat against Morgans forecasts with earnings for both Kmart and Officeworks outperforming.

More negatively, the analyst points out Catch losses accelerated to -$163m versus -$88m in the prior year, while the group EBIT margin fell by -100bps to 8.9%.

Over the first seven weeks of FY24, management noted Kmart sales growth remained strong but had moderated from the 2H FY23 level, while Bunnings sales growth was in line. Officeworks sales were flat on the prior year.

The company was positive on the outlook for the retail businesses while the Chemicals, Energy & Fertiliser (WESCEF) segment earnings (ex-lithium) are expected to fall significantly in FY24, due to lower ammonia prices and higher input gas costs.

The FY23 dividend of 191cps was comfortably ahead of the 184.5cps and 179cps expected by consensus and the broker, respectively.

The Add rating is unchanged and the target slips to $55.15 from $55.50.

FORECAST
Morgans forecasts a full year FY24 dividend of 190.70 cents and EPS of 217.40 cents.
Morgans forecasts a full year FY25 dividend of 217.50 cents and EPS of 248.20 cents.

Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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WES STOCK CHART