GB : Consumer Discretionary - overall - Disrupting in a digital age
Wickes’ has transformed into a digitally-led, integrated product and services business, consistently outperforming its markets. It is uniquely positioned and well-balanced, and management now has the freedom to invest behind its multiple growth levers. On prudent assumptions, we still forecast a robust 7.5% FY20-23E PBT CAGR, with upside risk driven by RMI momentum and self-help. Alongide a growing material net cash position and solid dividend, the market should begin to appreciate Wickes’ high quality.
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