DAVY VIEW

The completion of Grafton’s last share buyback programme (its seventh) takes the total amount repurchased since 2022 to approximately £430m. Despite the scale of the share buybacks, Grafton still has a very substantial net cash (ex-leases) position (£246m at end-June). This is testament to the group’s outstanding ability to generate high levels of free cash flow. The stock continues to offer good value, and a trading update on November 13th is awaited.