Wesfarmers should maintain stable credit metrics over the next year as free cash flow from the retail subsidiaries should mitigate the deterioration in the industrial segment. We expect continued earnings momentum at Coles, Bunnings, Officeworks and Kmart as they focus on customer service, product offering, cost savings and productivity gains. Our recommendations are the following for Wesfarmers:
- Wesfarmers 6.00% 2016 maintained at Hold. Click here.
- Wesfarmers 6.25% 2019 maintained at Hold. Click here
- Wesfarmers 4.75% 2020 maintained at Hold. Click here
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