WES Is there a thread. If not why not???????

[h2so4]

I searched ST but nothing came up. Just curious folks.

[winner69]

Sulphuric - prob no WES thread cause nobody interested in one of Australias biggest conglomerates whose share price has nearly doubled this year

Not much to get excited about being Aust 2nd biggest grocer (the WOW hardly mentioned here as well), Target and OfficeWorks, also ANZ biggest hardware shop, a pretty big coal miner and an insurance company to boot

Pretty boring really ... suppose some have WES in the long term portfolio

[winner69]

I searched ST but nothing came up. Just curious folks.


There is now

What are your thoughts on WES

[h2so4]

Well I'm excited, "boring" fits my strategy, as long as there is a big enough discount.

Mate it's a huge boat, I'd class it as a barge. 11th on the ASX with a cap rate of 28b.

[h2so4]

I got in at the lower price today. I wonder if we are going to have a run like JBH? That would be nice.:)

[soulman]

Good luck h2so4.

Short-term catalyst for WES might be a demerge of some sort or the selling of their underperforming K-Mart business. Other than that, just be mindful that an increase in sales doesn't necessarily translate to increase in profits. I am mindful of bargains in Coles in the last few months, including one day sales of 24 cans of Coke for $10 and half price sales. Hence, margin might be squeeze.

I am looking forward to seeing MTS profit results coming up soon to see how the 3rd force is handling the resurgence of Coles.

[Huang Chung]

Coles at Westfield Chermside is being remodelled right now, so I'll be curious to see how the new store looks and feels. The Target at the same shopping centre has just been remodelled and seems to be a massive improvement on the old.

[h2so4]

Good luck h2so4.

Short-term catalyst for WES might be a demerge of some sort or the selling of their underperforming K-Mart business. Other than that, just be mindful that an increase in sales doesn't necessarily translate to increase in profits. I am mindful of bargains in Coles in the last few months, including one day sales of 24 cans of Coke for $10 and half price sales. Hence, margin might be squeeze.

I am looking forward to seeing MTS profit results coming up soon to see how the 3rd force is handling the resurgence of Coles.

Whatever management decide to do is fine by me.

Shareholder equity from 2000 to 2009 grew by a median rate of 26% per year and the free cash flow wasn't far behind.

Stellar!!!!!!!!!!!!!!!!!!!!!!!!

[macduffy]

John Durie of The Australian comments on WES/Coles.

http://www.theaustralian.news.com.au/business/story/0,28124,26260591-5013408,00.html

[h2so4]

John Durie of The Australian comments on WES/Coles.

http://www.theaustralian.news.com.au/business/story/0,28124,26260591-5013408,00.html

Some analyists with differing points of view when comparing WOW with WES. There is no doubt that WOW is more in favour, which is another reason why I like WES. Thanks for the post.

[COLIN]

There is no doubt that WOW is more in favour, which is another reason why I like WES.

That's a bit how I felt, too, when recently trying to decide between WES & WOW - and plumping for WES.

Coles are not here in Kiwiland, of course, but Bunnings seem to have made a significant impact where they are set up - I am constantly visiting them, as I usually find their range of products satisfyingly extensive.

K-Mart hasn't done too well in the past, but I believe things are changing for the better there.

WES' recent Investor Presentation makes worthwhile study, and seems to have kindled some fire. Apparently there was also something specifically on Bunnings, today, about their expansion plans, although I haven't read it yet. From this side of the Tasman it seems to me that WOW will have a hard job eating into the Bunnings market share, but Australian domiciled investors are probably better placed to judge.

[h2so4]

That's a bit how I felt, too, when recently trying to decide between WES & WOW - and plumping for WES.

Coles are not here in Kiwiland, of course, but Bunnings seem to have made a significant impact where they are set up - I am constantly visiting them, as I usually find their range of products satisfyingly extensive.

K-Mart hasn't done too well in the past, but I believe things are changing for the better there.

WES' recent Investor Presentation makes worthwhile study, and seems to have kindled some fire. Apparently there was also something specifically on Bunnings, today, about their expansion plans, although I haven't read it yet. From this side of the Tasman it seems to me that WOW will have a hard job eating into the Bunnings market share, but Australian domiciled investors are probably better placed to judge.


From this side of the ditch? Well we shop at both.

Each company is different. There is room for both. I don't think it matters much when comparying the two but what does matter is how each company stacks up.

[macduffy]

For what it's worth.

"Brokers remain unsure on Wesfarmers."

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=8E6FD757-B3B9-24E1-66E888838A4E2006

[h2so4]

Thanks macduffy. Keep posting the news.:)

[h2so4]

I completed my buy order today at a much lower price.:) I think WES has value written all over it. All I have to do now is put it on the shelf next to my CAB and practice my assiduity.;)

[COLIN]

At this stage I am feeling quite chipper about my decision to run with WES rather than WOW.

Confound the brokers, I say!

[winner69]

Colin .. you have done well lately

Hadn't noticed WES going over the $30 mark but well and truely over it now eh

WOW seems stuck in the $28-$29 range for some time now.

WES has clearly outperformed WOW shareprice for the last 3 month, 6 month and 1 year timeframes

They seem to be some order back into Coles and making small gains on Woolworths which is better than losing ground ... Bunnings is so entrenched as market leader in the hardware field that it will be hard work (and expensive) for WOW to make any significant inroads .... Metcash taking a majority share in Mitre 10 is an interesting move as well that might make it harder for WOW hardware as well .... everything seems to be with WES v WOW

No reason why that uptrend shouldn't continue .... well diversfied with coal and ifinance/insurance interests to go with their retailing ones

Good call

[drillfix]

This stock sure does have a nice chart :)

[h2so4]

The price of Coal increasing might be the catalyst WES needs for it's sp ;) but we are still ticking away nicely with the half year report due this week. :)

[h2so4]

Excellent result. Market likes it. Div up by 10%. On track for a big year. Still cheap. :)

[soulman]

Not sure about cheap h2 but certainly a good result. The market likes it.

At this stage though, WOW is looking better value than WES.

[COLIN]

Excellent result. Market likes it. Div up by 10%. On track for a big year. Still cheap. :)

Yes. Pretty good on most fronts. Bunnings going like the clappers. Coles and KMart achieving successful turnrounds. Resources should leap upwards, with the past impediments out of the way. They're leaving WOW in the dust.

(By the way, h2, I can't help but comment on the fact that my SEK seem to have performed a little better than your CAB since you told me to "stick with my SEK and you would stick with your CAB" or something like that! Its mean of me, I know, and that's not really my nature, but I had to say it!)

Best regards,
Colin.

[COLIN]

At this stage though, WOW is looking better value than WES.

On what grounds? The charts certainly don't show that.

[winner69]

Yes. Pretty good on most fronts. Bunnings going like the clappers. Coles and KMart achieving successful turnrounds. Resources should leap upwards, with the past impediments out of the way. They're leaving WOW in the dust.

(By the way, h2, I can't help but comment on the fact that my SEK seem to have performed a little better than your CAB since you told me to "stick with my SEK and you would stick with your CAB" or something like that! Its mean of me, I know, and that's not really my nature, but I had to say it!)

Best regards,
Colin.

Interesting things about Bunnings is that they don't make any money in NZ in spite of half billion in sales .... probably the cost of building something big and new that will one day reap in the profits when they have killed the opposition

[ratkin]

Its not just WES , there are so many good solid aussie companies putting up great results at the moment. Makes a mockery of the general market weakness.
Have had some cracking results from CSL , COH ,RHC , ANN and many others. Just shows that if you buy quality then eventually it will shine through. WOW may be down at the moment but it wont stay that way, another quality stock

[gambier33]

WOW's growth rate appears to be suffering from the turnaround in Wesfarmers' Coles business, their competitor in the duopoly. As well as upgraded stores, Coles are currently advertising agressively on TV and the ads are very good. I'm even tempted to check out a Coles store myself having not been in one for around 10 years - yes, they had gotten really bad.

I hold both but feel more confident about WES and, if I wanted to top the sector up, I'd still go for WES over WOW, even at AUD30 plus.

[gambier33]

Just realised Colin said (#22) pretty much the same thing.

[COLIN]

Its not just WES , there are so many good solid aussie companies putting up great results at the moment. Makes a mockery of the general market weakness.
Have had some cracking results from CSL , COH ,RHC , ANS and many others. Just shows that if you buy quality then eventually it will shine through. WOW may be down at the moment but it wont stay that way, another quality stock

Would your ANS be ANN (Ansells)?

[wns]

IMO, WOW is currently a far superior business to WES.

WOW's return on equity is impressive whereas WES's return on equity is now poor. It used to be very good up until about 2006 but has declined sharply since. Plus they paid too much for Coles.

For the fy to 30/6/09, WES earned net profit after tax of $1.535B using $24.252B shareholders' equity. LT debt of $5.535B.

In contrast, WOW earned npat of $1.835B on shareholders' equity of just $6.812B. LT debt of $2.986B.

[ratkin]

Yep Ansells

[soulman]

On what grounds? The charts certainly don't show that.

On PE and div yield. Other than that WES looks expensive but who knows? WOW has been in this trading range for quite a while now ($24 to $30) but since their profit result has already been flagged, upside seems limited.

[COLIN]

IMO, WOW is currently a far superior business to WES.

WOW's return on equity is impressive whereas WES's return on equity is now poor. It used to be very good up until about 2006 but has declined sharply since. Plus they paid too much for Coles.

For the fy to 30/6/09, WES earned net profit after tax of $1.535B using $24.252B shareholders' equity. LT debt of $5.535B.

In contrast, WOW earned npat of $1.835B on shareholders' equity of just $6.812B. LT debt of $2.986B.

Thanks for those comparisons, wns, and on the face of it WOW would seem the better business in which to invest. However, the market speaks - over the last 6 months (the time I have held my WES) the relative share prices have moved as follows:

WES up 16%
WOW down 4%

Markets look forward and, as Soulman points out, the recently released WOW sales figures don't exactly point to a particularly exciting time ahead for them.

Should the relative chart performances reverse, then I would have no hesitation in switching allegiances. Meanwhile it is futile (and wealth-depleting) to ignore the trends.

[Phaedrus]

On the face of it WOW would seem the better business in which to invest.Fundamentally. it was the better stock.


However, the market speaks...In this case, it shouts! Colin's choice was... a stock with the better fundamentals or a stock in the better uptrend. No contest.


Over the 6 months I have held my WES it is up 16% vs WOW down 4%..The dotted grey line marks where Colin entered. Over a longer period, the difference is even more stark.


It is futile (and wealth-depleting) to ignore the trends.What the market thinks about a stock is much more important than what you think about it.

http://i602.photobucket.com/albums/tt102/PhaedrusPB/WESwow219.gif

[h2so4]

Yes. Pretty good on most fronts. Bunnings going like the clappers. Coles and KMart achieving successful turnrounds. Resources should leap upwards, with the past impediments out of the way. They're leaving WOW in the dust.

(By the way, h2, I can't help but comment on the fact that my SEK seem to have performed a little better than your CAB since you told me to "stick with my SEK and you would stick with your CAB" or something like that! Its mean of me, I know, and that's not really my nature, but I had to say it!)

Best regards,
Colin.

You big meanie :p yes I think I said something like that, but Pheadrus said "what I think doesn't count". The good thing is we both like WES. It is a 65% + position for me. I still think CAB is better than SEK...:p

[COLIN]

You big meanie :p yes I think I said something like that, but Pheadrus said "what I think doesn't count". The good thing is we both like WES. It is a 65% + position for me. I still think CAB is better than SEK...:p

H2: Thanks for being gracious - and you'll be glad you ditched RCR, which I think you were holding when the rot started to set in.

Phaedrus: Yes, the comparison looks rather stark. "A picture tells a thousand words". WES up further today, while WOW continues to sulk.

[Toulouse - Luzern]

WES is well ahead with the turnaround story.
WES is the preferred exposure for many.
The charts are compelling.
I note however that WOW is due to report its profit next week.
From memory WES Grocery and Liquor sales were up 6.2% and WOW up 4.2% for the H1.

[Huang Chung]

IMO, WOW is currently a far superior business to WES.

WOW's return on equity is impressive whereas WES's return on equity is now poor. It used to be very good up until about 2006 but has declined sharply since. Plus they paid too much for Coles.

For the fy to 30/6/09, WES earned net profit after tax of $1.535B using $24.252B shareholders' equity. LT debt of $5.535B.

In contrast, WOW earned npat of $1.835B on shareholders' equity of just $6.812B. LT debt of $2.986B.

Tend to agree with you WNS.

I'd be more inclined to buy WOW in weakness rather than WES, which obviously is flavour of the month.

[wns]

Tend to agree with you WNS.

I'd be more inclined to buy WOW in weakness rather than WES, which obviously is flavour of the month.

I bought into WOW for the first time about two weeks ago. I consider them to be one of the very highest quality businesses listed on the ASX.

[ratkin]

Showing where something has been in the last year dosent indicate where it will go in the future. Although WOW isnt a laggard in the historical sense , as it has almost doubled up in the last five years while WES has actually fallen during the same period.

You could argue that WES being the laggard had more catching up to do , more fat to trim etc etc and has now sorted itself out.

As to which is the best , who knows? But showing a one year chart certainly wont provide the answer. Of more interest is emerging competition in the sector etc.

Aldi need to be carefully looked at, as does WOWs expansion into DIY stores

[h2so4]

Showing where something has been in the last year dosent indicate where it will go in the future. Although WOW isnt a laggard in the historical sense , as it has almost doubled up in the last five years while WES has actually fallen during the same period.

You could argue that WES being the laggard had more catching up to do , more fat to trim etc etc and has now sorted itself out.

As to which is the best , who knows? But showing a one year chart certainly wont provide the answer. Of more interest is emerging competition in the sector etc.

Aldi need to be carefully looked at, as does WOWs expansion into DIY stores

Yes indeed. But what the chart does show is a re rating by the Market. Which of course I agree with. :)

Investing is all about the future. It is impossible to know which shares will be winners. WES simply was and still is a good opportunity to buy a good business.

[Toulouse - Luzern]

Today WES + 2.3%
WOW + .8%

WOW report is Friday 26 Feb 2010

[h2so4]

At $32 I have in place a buy stop, I dont use sell stops as I only see it as an opportunity to buy more.:D

[Toulouse - Luzern]

3222 now high of 3240...

[soulman]

Just imagine I sold a bucket load of WES at $17 to $18. What a banana. Ex-div for WES tomorrow but WES is powering so who knows.

Who here still have WES on their rights issue price of $13.50. The power of hindsight and learning curve. Don't sell winners.

[Huang Chung]

Was watching Roger Montgomery on the tele tonight...his valuation on WES is between $11 and $14.

He's still saying they massively overpaid for Coles.

[h2so4]

Was watching Roger Montgomery on the tele tonight...his valuation on WES is between $11 and $14.

He's still saying they massively overpaid for Coles.

He obviously forgot to add in shareholder equity. $26.626b divided by 1.157b shares equals $21.28. Valuation cant be less than that otherwise he is ignoring equity mate........?

[winner69]

He obviously forgot to add in shareholder equity. $26.626b divided by 1.157b shares equals $21.28. Valuation cant be less than that otherwise he is ignoring equity mate........?

Difference between book value (equity) and market cap is called MVA - Market Value Added

It is not unisual for valuations to be (or stocks to trade at) less than book value - it just implies that whoever doing the valuation thinks that the company is not going to cover its cost of capital into the future ... ie lose economic value

Wes has $24 billion in shareholders funds and about $5 billion in debt so has invested capital of about $30 billion. At say a cost of capital of 10% WES needs to achieve EBIT of about $4.2 billion to cover its cots of capital .... and on half year results this is unlikely

Lets say EBIT of $3.2 billion - after tax say $2.2 billion - less a 'capital charge' of $3 billion and the result WES has essentially lost $0.8m billion of economic value ..... NPV of this over 10 yeaers about $8.0 billion

On basis that a stock valuation equity +/- the NPV of added (or lost) economic value would give WES a valuation of $24 billion (equity) less $8 billion economic value loss gives $16 billion -- thats how this fellow Montgomery thinks

Have you noticed that of the $24 billion equity some $20 billion is goodwill and intangibles ... and as everybody agrees WES did pay (in hindsight because of things that happened after the acquistion) too much for WES

Every man to his view .... but at the end of the day the market is always right and today it thinks WES is worth $31 bucks a share or $31 billion

[h2so4]

Have you noticed that of the $24 billion equity some $20 billion is goodwill and intangibles ... and as everybody agrees WES did pay (in hindsight because of things that happened after the acquistion) too much for WES



Didn't they buy Coles.............???????????:D

[winner69]

Didn't they buy Coles.............???????????:D

Yeah OK they didn'y buy themselves ....

[ratkin]

Beaten Woolies pours cold water on Coles

WESFARMERS' supermarket division Coles appears to have outpaced arch-rival Woolworths for the first time in more than a decade, increasing real sales revenue in the first half of the year at twice the pace of its larger rival.

Woolworths' food and liquor sales grew 6.8 per cent to $18.1 billion in the first half, behind the 7.5 per cent growth seen at Coles, where food and liquor sales were $12bn for the half.

However, the gap widens when the benefit of new store openings is stripped out, cutting Woolies' sales growth to 4.8 per cent, while Coles's was on 6 per cent -- the first time it has beaten Woolies on comparable sales since the 1990s.

Adjusting for internal inflation, which Woolworths put at 1.6 per cent and Coles at -0.9 per cent, the difference was even starker: real comparable growth of just 3.2 per cent for Woolies, compared with 6.9 per cent at Coles.

But Woolworths chief executive Michael Luscombe, announcing a $1.09bn half-yearly profit yesterday and share buyback, rejected the comparison, noting the Coles figure included sales from its hotels division while Woolies reported hotel earnings separately. In addition, Woolies uses only regular shelf prices when calculating its internal inflation, while Coles includes promotional specials, which lower the overall price level.


Mr Luscombe said that as Woolworths' food business was about 50 per cent bigger than Coles, while the liquor division was about twice that of Coles, the smaller retailer needed to grow faster than Woolies just to avoid falling further behind.

In dollar terms, Woolworths' supermarkets division saw sales rise by $1.16bn in the first half, almost double the $535m in additional sales seen at Coles.

Furthermore, Woolies made 6.45c in earnings before interest and tax on every dollar of supermarket revenue, compared with 4.86c at Coles. "You can make numbers say lots of things, but what do you take to the bank? If you're creating more dollars and getting more profit per dollar, I know which business I'd rather own," Mr Luscombe said.

Woolies' $1.096bn after-tax profit for the 27 weeks ended January 3 was up 11.4 per and in line with market expectations.

Total sales for the period were $27.2bn, up 4.2 per cent, or 6 per cent when petrol sales were excluded. The company lifted interim dividend from 48c to 53c per share and announced the return of a further $400m to shareholders by way of an on-market share buyback.

Finance director Tom Pockett said the company had shelved plans for a buyback during the global financial crisis in order to preserve capital, but was now sufficiently confident of the stability of the domestic economy to resume its capital management strategy. Mr Luscombe maintained guidance for net profit after tax to grow by 8-11 per cent for the full financial year.

He said he was pleased with the strength of the result given that it was achieved in the absence of fiscal stimulus payments, which boosted sales in the previous first half. Earnings before interest and tax were up in all divisions with the exception of the hotels business, where EBIT fell by 8.4 per cent to $114.6m, reflecting the absence of fiscal stimulus payments and the impact of reduced trading hours in Queensland.

The food and liquor division lifted EBIT by 11.4 per cent to $1.351bn, as increased sales of private label groceries and supply chain cost savings boosted gross margins from 23.69 per cent to 24.41 per cent.

Mr Luscombe said Woolies supermarkets had continued to increase customer numbers and market share over the first half: "Anyone who thinks an end to the golden era for Woolies is on the horizon is sadly mistaken."

[h2so4]

Difference between book value (equity) and market cap is called MVA - Market Value Added

It is not unisual for valuations to be (or stocks to trade at) less than book value - it just implies that whoever doing the valuation thinks that the company is not going to cover its cost of capital into the future ... ie lose economic value

Wes has $24 billion in shareholders funds and about $5 billion in debt so has invested capital of about $30 billion. At say a cost of capital of 10% WES needs to achieve EBIT of about $4.2 billion to cover its cots of capital .... and on half year results this is unlikely

Lets say EBIT of $3.2 billion - after tax say $2.2 billion - less a 'capital charge' of $3 billion and the result WES has essentially lost $0.8m billion of economic value ..... NPV of this over 10 yeaers about $8.0 billion

On basis that a stock valuation equity +/- the NPV of added (or lost) economic value would give WES a valuation of $24 billion (equity) less $8 billion economic value loss gives $16 billion -- thats how this fellow Montgomery thinks

Have you noticed that of the $24 billion equity some $20 billion is goodwill and intangibles ... and as everybody agrees WES did pay (in hindsight because of things that happened after the acquistion) too much for WES

Every man to his view .... but at the end of the day the market is always right and today it thinks WES is worth $31 bucks a share or $31 billion

After considering winners post, over the weekend I re visited my valuation. (not too much dust to brush off) :D
What I saw was a company paying large capital expenses with very little return. :ohmy:
After being a little more conservative with future earnings, I came up with a new purchase target price of $24.74:(

Today I am OUT with profit and dividend in hand:D

[soulman]

I just read the Rivkin Report on 4 potential suprises in the stock market this year.

One was WOW bidding for JBH and the other, WES to benefit flogging off their unwanted asset for bigger bucks due to better market condition. Either way, the blue chips are making a big comeback until off course, another hiccup in Europe.

[COLIN]

The market seems to be saying "forget the fundamentals". WES and WOW have headed in contrastingly different directions over recent days - WES up and WOW down.
I have yet to be convinced that the time has arrived when I should switch out of my WES and into WOW.

[macduffy]

I don't hold either, Colin but I'm often tempted to buy a few WOW.

The market seems to like the potential upside of Coles and the price of coal in WES' case. The uncertainty of success for WOW's hardware plus a feeling that maybe they've rung everything possible out of their supermarkets may be weighing on WOW.

I'll keep watching for an opportunity to buy.

[macduffy]

Coles gaining market share from Woolies?

http://www.theaustralian.com.au/business/coles-sales-growth-beats-rival-woolworths/story-e6frg8zx-1225897205517

[winner69]

WES getting close to its highs again .... and really it is only a matter of time when it will reach $35 and then march onto $40

Grocery still a 2 way battle with prob more upside for WES than WOW .... WOW will be spending heaps on their hardware stores launch and lose money for years while WES will prob prosper with Bunnings not lsoing this battle

WES a still a good stock to have ... WOW I am not so certain but the share buy back will help their shareprice for a while.

[winner69]

WES getting close to its highs again .... and really it is only a matter of time when it will reach $35 and then march onto $40

Grocery still a 2 way battle with prob more upside for WES than WOW .... WOW will be spending heaps on their hardware stores launch and lose money for years while WES will prob prosper with Bunnings not lsoing this battle

WES a still a good stock to have ... WOW I am not so certain but the share buy back will help their shareprice for a while.

That $35 not far away now

Another $600m to go on 30 stores in NSW .... that will stuff WOW up .... there is no way that Bunnings is going to lose this impending hardware war

Note the subtle message to WOW .... like these new stores will be having kitchen appliances (like WOW said they would differentiate themselves from Bunnings by having kitchen appliances) ..... and Bunnings making the game harder by having kids playground equipment ... wonder if WOW will follow suit

Also good for suppliers to Bunnings ..... jeez thats another 30 big boxes for DLX and Oldfields to fill up ... who else

[h2so4]

That $35 would put WES at full value.

But that's only my valuation. :lol:

[winner69]

That $35 would put WES at full value.

But that's only my valuation. :lol:

18 months on and WES still under $30

Maybe this is why .... echoes some of the thoughts earlier in this thread
Why Wesfarmers isn't Australia's Berkshire Hathaway

http://www.theage.com.au/business/intelligent-investor/why-wesfarmers-isnt-australias-berkshire-hathaway-20120423-1xgk9.html

[winner69]

Nobody believed that story .... WES now over $37 .... nearly 25% in the last six months

Better bet than WOW by the looks of it

[h2so4]

Nobody believed that story .... WES now over $37 .... nearly 25% in the last six months

Better bet than WOW by the looks of it

Happy New Year winner.

Better than WOW? Hey I always thought that. You and wifey would make a good pair. My New Years resolution is don't listen to anybody that starts with the letter w.
How does it go? Up up and away............. my val now stands at $49 but I'm not complaining, I got MNF.

[winner69]

WES to report lower earnings this year but have sucked punters in by a big share buyback

Now the impatient market asking where the growth coming from.

Will they get punished?

Sadly an indictment on how the world thinks these days .....no growth and you're toast

A bit long but a good read


http://www.brisbanetimes.com.au/national/wesfarmers-boss-in-bold-quest-to-find-new-growth-but-from-where-20140919-10j93r.html

[kiora]

Shouldn't it be clean & brown?:)
https://nz.finance.yahoo.com/news/wesfarmers-eyeing-agriculture-investment-092339239.html

[macduffy]

Anyone holding WES?

This could be interesting.

http://www.afr.com/brand/chanticleer/wesfarmers-takes-first-step-offshore-with-bunnings-uk-push-20160113-gm5jtj