Thanks Tony, yes fair point. In my mind the main risks are:
1) Operating deleverage in case of a severe US recession (a large part of the cost base (opex) is labour, this is a service business).
2) Significant deterioration in construction activity in the US (although remember Ferguson today has a much smaller exposure to new construction than in 2007).
Risks?
Good writeup otherwise
Thanks Tony, yes fair point. In my mind the main risks are:
1) Operating deleverage in case of a severe US recession (a large part of the cost base (opex) is labour, this is a service business).
2) Significant deterioration in construction activity in the US (although remember Ferguson today has a much smaller exposure to new construction than in 2007).
Thanx! Your post makes me think about AOJ (Denmark)? See Alex Eliasson on Twitter.
Thanks Marc, yes he messaged me, never heard of AOJ, looking into it