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Wesfarmers Limited (WFAFF)

適正価値
Consumer CyclicalHome Improvement RetailAustralia

ファンダメンタル

59

株価

$75.73

時価総額

$83.67B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

競争優位性(moat)

ブランド · 狭い

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.

需要を左右する要因

中程度の景気循環性

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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

貸借対照表と流動性

売上高

$46.47B

直近の公表四半期までの12か月 — 1株当たり指標からの推計

純利益

$3.07B

直近の公表四半期までの12か月 — 1株当たり指標からの推計

フリーキャッシュフロー

$3.58B

自己資本合計

$7.86B

負債合計

$12.72B

流動比率

1.12

利払い倍率

-

負債/EBITDA

2.64

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$73.43

現在株価

$75.73

安全マージン

-3.1%

適正価値レンジ

$60.26 - $86.60

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$76.17
ディスカウンテッド・キャッシュフロー(DCF):$88.44
利益倍率(P/E):$67.70
グレアムの成長公式:$70.27
収益力価値(EPV):$37.84
正当化されたP/B:$56.44
配当割引モデル(ゴードン):$45.84
P/FFO(運用から生まれる資金):算出に必要なデータが不足しています
中間サイクル利益:算出に必要なデータが不足しています
売上高倍率:$70.17
アナリスト・コンセンサス:売り (3B / 6H / 11S)
直近の決算サプライズ:+3.15%

バリュエーション指標

P/E レシオ

28.09

ROE

33.5%

P/B レシオ

10.96

P/FCF

23.34

粗利益率

34.3%

ROIC

14.8%

収益性レーダー

価値創造(経済的モート)

ROIC

14.8%

WACC

7.4%

ROIC − WACC

+7.4 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(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

不合格(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

データなし(6)

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

Piotroski F-スコア

2/9

重大な財務上の懸念

score
criteria

利益の質

1.49

高品質:利益はキャッシュに裏付けられている

株式希薄化

-

株式を買い戻している。株主に友好的

機関投資家の保有

この企業について機関投資家の報告はありません。

ガバナンス

経営陣

氏名役職年齢
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-

監査リスク

4

取締役会リスク

2

報酬リスク

3

株主権利リスク

1

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

Latest News

Recent headlines for WFAFF, sourced from Markets Gazette.

No recent news for WFAFF.