翠丰集团（KGF）：初步观点：英国市场表现强劲，但财年预期维持不变

March 28, 2025March 25, 2025March 14, 2025 Grace Gilberg * | Equity Analyst+44 (0)20 7029 8356 | ggilberg@jefferies.comAndrew Wade * | Equity Analyst44 (0) 20 7029 8012 | awade@jefferies.com Company DescriptionKingfisherKingfisher is the world's fourth-largest DIY retailer behind Home Depot, Lowe's, and Adeo.Company Valuation/RisksKingfisherValuation: Our 274p PT reflects a 12m fwd 12x P/E, an EV/EBIT of 9x, and a FCF yield of c.9%.Upside risks: continued momentum in market share gains across Screwfix and Polish banners; alleviation of macro pressures across regions anda pickup in DIY spend; a pickup in trading in France; success of Screwfix France.Downside risks: further squeeze on consumer discretionary income, with the risk that home-related spending declines; slowdown in the UK andPoland from a top-line perspective; continued market share losses in France; execution issues related to store rollouts.Analyst Certification:I, Grace Gilberg, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Andrew Wade, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Grace Gilberg is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Andrew Wade is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Kingfisher PLC.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more withina 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security priceconsistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform ratedsecurities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/orJefferies policies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 28, 2025 2:58 A.M.May 28, 2025 2:58 A.M. 2 NC - Not covered. Jefferies does not cover this company.Restricted - Des