The Wesfarmers result was really saved by the chems/fertilisers division.
I suppose that’s the point of being a diversified, albeit the holding company discount usually means it isn’t worth it. Bunnings, as ever, the jewel, but even there less spectacular than normal.
Valuation a stretch, given modest growth (property slowdown should weigh on Bunnings, eventual commodity price reversion to mean, lowish quality retail offering) at a yield only slightly above the 10yr risk free rate.
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