Trian Partners Activist Presentation Deck
Why is Ferguson Mispriced? It Has Minimal US Research
Coverage
# of U.S.-Based Research Analysts
40
35
30
25
20
15
10
5
0
$0
MSC
BUILT
TO MAKE
YOU BETTER"
North American Sales vs. U.S.-Based Equity Research Coverage
FASTENAL KD SUPPLY
SiteOne
LANDSCAPE SUPPLY
Stronger Together
GRAINGER
FOR THE ONES WHO GET IT DONE
watsco
COOLING THE AMERICAS
POOLCORP
$5
Beacon
Ferguson's North American
footprint is >2x the average
of the specialty distributor /
broadline peer group but
only 1 US based research
analyst covers the stock (vs.
an average of 14 analysts for
its peers)
FERGUSONⓇ
$10
$15
$20
North American Sales ($ in billions)
LOWE'S
>$70
THE
HOME
DEPOT
HD and Lowe's are
often cited as peers for
Ferguson's US
business and both
companies have >30
analysts covering their
stocks
Source: FactSet, SEC filings, company reports.
Note: Trian believes the most relevant peers for Ferguson are specialty building products distributors (Watsco, Pool Corp, SiteOne Landscape Supply, Beacon Roofing Supply) but
we include broadline industrial distributors (Fastenal, WW Grainger, HD Supply, MSC Industrial) and home improvement retailers (Home Depot and Lowe's) as two additional peer
groups that are frequently used as comparables for Ferguson.
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