WES delivered stronger than expected 2H20 sales growth with Bunnings up almost 20% on the same time last year and Officeworks up 28%.
Total online sales growth across the retail businesses was very strong, up 89%. Full-year FY20 underlying EBIT A$2.9bn.
WES has been too expensive and our patience is now paying off. The stock has corrected 10% but could have further to go, given the overall selling we’re now experiencing in global markets.
WES trades on a forward yield of 3.65%. The chart below shows the wide range where we expect buying support to build.