Wesfarmers remains under Algo Engine sell conditions and we’ll review with interest, the upcoming earnings result on the 27th of August.
We expect earnings to be flat on the same time last year, once adjusted for the demerger of Coles. Bunnings and Officeworks will provide high single-digit growth and the department store sales are likely to remain weak.
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In a soft market, we may see a discounted entry-level into Wesfarmers, near the $35 price range. Remain patient!
