- Kingfisher
- 18 November 2025 14:41:54
Source: Sharecast
"At the time, it felt like the guidance for PBT to be at the ‘upper end’ of the £480-540m range was slightly conservative and management had held some of the earnings beat ‘in reserve’ in case trading conditions deteriorated," DB said.
"We suspect this has happened at the end of 3Q."
The bank said datapoints are mixed but it sees group LFL at -0.5% compared to consensus +0.2%, with the main differences being a weaker France.
"There is increasingly a question of whether France matters to the investment case at this stage but we do not see an earnings upgrade with the 3Q results next week," it said.
Deutsche also said that trading on a circa 11.5x Cal26E price-to-earnings, the multiple has recovered from its lows and investor sentiment is more positive on the name.
"We see a risk of disappointment into the print, although given our circa 2-3% EPS upgrade post 1H, we increase our price target (based on an 11x FY27E P/E) to 285p from 280p."
Deutsche Bank maintained its ‘hold’ rating on the shares.