Ferguson PLC

FERG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$925.00	Bjxsf	Fjlpwxr

US R&R Spending Has Softened but Ferguson Poised for Above-Market Growth in Fiscal 2024

Brian Bernard

May 9, 2024

Business Strategy and Outlook

Ferguson primarily serves three major end markets: repair and remodel (Ferguson refers to this market as repair, maintenance, and improvement), new construction, and civil infrastructure. Ferguson's exposure to the US RMI market (as a percentage of sales) increased from 31% in 2008 to 60% in 2023, while US new construction revenue exposure decreased from 58% to 40% over the same time period.

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