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Wesfarmers Limited (WFAFF)

合理估值
Consumer CyclicalHome Improvement RetailAustralia

基本面

59

价格

$75.73

市值

$83.67B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

护城河

品牌 · 狭窄

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.

需求驱动因素

中度周期性

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.

看多理由

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.

看空理由

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.

资产负债表与流动性

营收

$46.47B

截至最近已公布季度的最近12个月 — 根据每股指标估算

净利润

$3.07B

截至最近已公布季度的最近12个月 — 根据每股指标估算

自由现金流

$3.58B

股东权益合计

$7.86B

负债合计

$12.72B

流动比率

1.12

利息覆盖率

-

债务/EBITDA

2.64

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形合理估值

公允价值

$73.43

当前价格

$75.73

安全边际

-3.1%

公允价值区间

$60.26 - $86.60

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$76.17
现金流折现法(DCF):$88.44
市盈率法(P/E):$67.70
格雷厄姆成长公式:$70.27
盈利能力价值(EPV):$37.84
合理市净率(P/B):$56.44
股息折现模型(戈登模型):$45.84
P/FFO(运营资金):数据不足,无法计算
周期中段收益:数据不足,无法计算
市销率法(P/S):$70.17
分析师共识:卖出 (3B / 6H / 11S)
最近财报超预期:+3.15%

估值指标

市盈率(P/E)

28.09

ROE

33.5%

市净率(P/B)

10.96

P/FCF

23.34

毛利率

34.3%

ROIC

14.8%

盈利能力雷达图

价值创造(经济护城河)

ROIC

14.8%

WACC

7.4%

ROIC − WACC

+7.4 pp

ROIC 超过资本成本:公司正在为股东创造价值。

基本面分析标准

通过(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

未通过(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

不可用(6)

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

Piotroski F-评分

2/9

存在严重财务隐患

score
criteria

盈利质量

1.49

高质量:盈利有现金流支撑

股权稀释

-

正在回购股份,对股东友好

机构持股

该公司暂无机构申报数据。

公司治理

管理团队

姓名职位年龄
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-

审计风险

4

董事会风险

2

薪酬风险

3

股东权利风险

1

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

Recent headlines for WFAFF, sourced from Markets Gazette.

No recent news for WFAFF.