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Jul 15 2021, 06:45 IST/BST
Ratings and price correct at time of issue
|Company||Rating||Date||Previous Rating||Date||Closing Price|
|Travis Perkins plc||NEUTRAL||28/05/20||Underperform||01/07/16||1703p|
The building distribution sector has changed considerably. In the UK, traditional operators have evolved by investing in specialist formats (for example, Selco; Toolstation; Screwfix) and by actively managing legacy businesses. These specialist formats are user friendly, digitally-enabled, multi-channel brands and have been capturing market share. Private equity involvement has also increased significantly, especially in traditional merchanting. Recent developments in particular highlight the journey Grafton has been on, and it remains our preferred pick in the sector.