WESFARMERS LIMITED (WES)
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WES

WES - WESFARMERS LIMITED

FNArena Sector : Consumer Products & Services
Year End: June
GICS Industry Group : Food & Staples Retailing
Debt/EBITDA: 1.97
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Wesfarmer is an Australian conglomerate with interests predominantly in Australian and New Zealand retail companies. It owns Bunnings, Kmart, Officeworks and Target, amongst others. Founded as the Westralian Farmers Co-operative in 1914 it became a listed entity in November 1984.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$92.47

18 Sep
2025

0.040

OPEN

$92.43

0.04%

HIGH

$93.11

1,481,540

LOW

$91.21

TARGET
$87.117 -5.8% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ALD . MPA . PFP .
FNARENA'S MARKET CONSENSUS FORECASTS
WES: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 258.0 251.2 xxx
DPS (cps) xxx 206.0 245.8 xxx
EPS Growth xxx 14.3% - 2.6% xxx
DPS Growth xxx 4.0% 19.3% xxx
PE Ratio xxx N/A 36.9 xxx
Dividend Yield xxx N/A 2.7% xxx
Div Pay Ratio(%) xxx 79.8% 97.8% xxx

Dividend yield today if purchased 3 years ago: 4.53%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.22

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 03/09 - ex-div 107c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx258.0
DPS All xxxxxxxxxxxxxxx206.0
Sales/Revenue xxxxxxxxxxxxxxx45,576.0 M
Book Value Per Share xxxxxxxxxxxxxxx809.6
Net Operating Cash Flow xxxxxxxxxxxxxxx4,568.0 M
Net Profit Margin xxxxxxxxxxxxxxx6.42 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx32.92 %
Return on Invested Capital xxxxxxxxxxxxxxx15.44 %
Return on Assets xxxxxxxxxxxxxxx9.78 %
Return on Equity xxxxxxxxxxxxxxx32.92 %
Return on Total Capital xxxxxxxxxxxxxxx19.03 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx1,130.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx1,149 M
Long Term Debt xxxxxxxxxxxxxxx10,019 M
Total Debt xxxxxxxxxxxxxxx11,168 M
Goodwill - Gross xxxxxxxxxxxxxxx3,790 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx638 M
Price To Book Value xxxxxxxxxxxxxxx10.47

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,147.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.52 %
Cost of Goods Sold xxxxxxxxxxxxxxx38,614 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx3,135 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,209 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.2

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

3

xxxxxxx xx xxxxx-xxxxxx xxxx xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

4

xxxx

$xx.xx

xx.xx%

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Macquarie

29/08/2025

3

Neutral

$86.00

-7.00%

Wesfarmers' key retail segments of Bunnings and Kmart are delivering earnings growth by capturing a greater share of customer wallets and acquiring new customers, Macquarie notes.

Range expansion into adjacent categories has gained new cohorts of customers, expanding market penetration. Macquarie is seeing similar strategies being employed in Officeworks and Health.

The group is labeled a quality compounder with 'moat' characteristics, in large addressable markets where scale and lowest cost are differentiators.

Commentary concludes Wesfarmers continues to deliver robust earnings growth over the long term, and through the cycle. High-quality business, but for Macquarie, valuation remains challenging. Target rises to $86 from $82, Neutral retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 206.00 cents and EPS of 259.00 cents.
Macquarie forecasts a full year FY27 dividend of 227.00 cents and EPS of 284.00 cents.

Citi

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

04/09/2025

4

Underweight

$73.40

-20.62%

Wesfarmers' FY25 revenue was up 3% y/y and 1% ahead of Jarden's forecast. EBITDA and net profit also beat by 1%, and final dividend of $1.11 was higher than the broker's $1.09 forecast.

While the result was a good one, the broker believes growth is still benign ex-Kmart, with near-term returns mostly cycle-driven on support from lower rates. Longer-term growth requires investment but management is cautious on accelerating spend.

Modest revisions made to FY26 forecasts but with no net impact on net profit. Modest margin expansion is expected for Bunnings while Kmart's margin is expected to decline. 

Underweight. Target rises to $73.40 from $73.10.

FORECAST
Jarden forecasts a full year FY26 dividend of 341.00 cents and EPS of 216.40 cents.
Jarden forecasts a full year FY27 dividend of 210.00 cents and EPS of 238.90 cents.
Access Extra Coverage Research History >

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