Wesfarmers FY16 Earnings Result

Wesfarmers (WES.ASX) reported NPAT of $2.25b and announced a final dividend of $0.95. Coles delivered total sales growth of 3.5%, whilst Bunnings was again the standout with 10%+ in underlying growth year on year.

FY17 forecast dividends of $2.10, places the stock on a forward yield of 5%.

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We own WES in the model from lower price levels and we’ve sold covered calls into December to enhance the return.

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