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Wesfarmers Limited (WFAFF)

Juste valeur
Consumer CyclicalHome Improvement RetailAustralia

Fondamental

59

Prix

$75.85

Capitalisation boursière

$83.67B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Wesfarmers is an Australian conglomerate that owns a group of separately run retail and industrial businesses rather than making one product itself. Its best-known chains are Bunnings (hardware and home improvement), Kmart and Target (discount department stores) and Officeworks (office and stationery retail), alongside a health and pharmacy retail arm and a chemicals, energy and fertiliser manufacturing business, WesCEF. Each business keeps its own brand, stores and management, competing separately in its own market.

Comment l'entreprise gagne de l'argent

Revenue is largely ordinary retail sales — customers paying at the checkout in thousands of Bunnings, Kmart, Target and Officeworks stores and online across Australia and New Zealand — plus industrial sales of chemicals, explosives and fertiliser to mining and farming customers. Bunnings and Kmart Group are by far the largest contributors, each generating tens of billions of Australian dollars a year; Officeworks and WesCEF are considerably smaller. Profit depends mainly on how well each division executes in its own market, not a single group-wide driver.

Avantage concurrentiel

Marque · Étroit

Bunnings, by far the group's largest earner, is Australia's dominant home-improvement retailer, with a scale of stores and supplier relationships that a new entrant would take years to match, and a brand many Australian households default to without comparison shopping. That advantage is real for Bunnings but does not automatically extend to Wesfarmers' other, less dominant retail chains.

Ce qui stimule la demande

Modérément cyclique

The group mixes defensive and discretionary demand: home-improvement and pharmacy spending tend to hold up reasonably well in a downturn, while discount department store sales at Kmart and Target and office-supplies sales at Officeworks are more sensitive to household budgets. WesCEF's chemicals and fertiliser business adds exposure to commodity prices and agricultural cycles that have little to do with Australian consumer spending at all.

Les arguments en faveur

Buyers argue that spreading across several leading retail brands and an industrial chemicals business smooths out a downturn in any single one, that Bunnings' scale advantage keeps compounding profit growth, and that FY2025's double-digit profit rise across most divisions shows the model still working.

Les arguments contre

Sellers worry that a conglomerate this size is hard to grow quickly from its current base, that WesCEF's earnings already fell as commodity prices weakened, and that discretionary chains like Kmart, Target and Officeworks remain exposed to a slowdown in Australian household spending.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

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Bilan & Liquidités

Chiffre d'affaires

$46.47B

12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action

Résultat net

$3.07B

12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action

Flux de trésorerie libre

$3.58B

Capitaux propres totaux

$7.86B

Passif total

$12.72B

Ratio de liquidité général

1.12

Couverture des intérêts

-

Dette/EBITDA

2.64

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralJustement valorisé

Juste valeur

$73.43

Prix actuel

$75.85

Marge de sécurité

-3.3%

Fourchette de juste valeur

$60.26 - $86.60

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$76.17
Flux de trésorerie actualisés (DCF):$88.44
Multiple de résultat (P/E):$67.70
Formule de croissance de Graham:$70.27
Valeur de la capacité bénéficiaire (EPV):$37.84
P/B justifié:$56.44
Actualisation des dividendes (Gordon):$45.84
P/FFO, les fonds provenant de l'exploitation:Données insuffisantes pour le calculer
Bénéfices de milieu de cycle:Données insuffisantes pour le calculer
Multiple sur le chiffre d'affaires:$70.17
Consensus des analystes:Vendre (3B / 6H / 11S)
Dernière surprise sur les résultats:+3.15%

Indicateurs de valorisation

Ratio P/E

28.09

ROE

33.5%

Ratio P/B

10.96

P/FCF

23.34

Marge brute

34.3%

ROIC

14.8%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

14.8%

WACC

7.4%

ROIC − WACC

+7.4 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (13)

  • Price CAGR 9.88%
  • ROIC 14.8%
  • Gross Margin 34.3%
  • P/FCF 23.34
  • Debt/Equity ratio
  • Operating Margin 10.0%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • ROE 35.9%
  • Revenue Growth 5Y 8.2%
  • Earnings Quality (OCF/NI) 1.49

Échoué (8)

  • P/B Ratio 10.96
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Analyst Consensus 15% Buy
  • Earnings Surprise avg 1.8%
  • PEG Ratio 2.35
  • Net Margin Trend 6.1% vs 6.4%
  • Piotroski F-Score 2/9

Indisponible (6)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Share Dilution (missing shares data)

Score F de Piotroski

2/9

Préoccupations financières sérieuses

score
criteria

Qualité des bénéfices

1.49

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Aucune déclaration institutionnelle pour cette entreprise.

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Robert Geoffrey ScottMD, CEO & Director55
Mr. Anthony Natale GianottiChief Financial Officer56
Ms. Aleksandra SpaseskaCFO & Managing Director of Kmart Group-
Mr. Michael SchneiderMD of Bunnings Group & MD of Bunnings New Zealand54
Ms. Maya vanden DriesenGroup General Counsel-
Rebecca KeenanMedia & Public Affairs Manager-
Ms. Jennifer BryantChief Human Resources Officer-
Ms. Marina JoanouManaging Director of Target-
Mr. Damian McGloughlinManaging Director of BUKI-
Ms. Emily AmosManaging Director of Health-

Risque d'audit

4

Risque du conseil

2

Risque de rémunération

3

Risque droits des actionnaires

1

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Latest News

Recent headlines for WFAFF, sourced from Markets Gazette.

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