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Unusually collaborative tone for an activist deck — Trian praises Ferguson as an 'exceptional business' and frames the campaign around a valuation/listing-structure mispricing rather than operational failure, crediting management (Kevin Murphy) for already moving in the right direction with the September 2019 UK demerger announcement. The deck's signature argument is the 'compared to wrong peers' reframe — pages 13-16 systematically walk through why Ferguson looks like US specialty RMI distributors (Watsco, Pool, SiteOne, Beacon) rather than UK building-materials or broadline MRO names. Precedent-heavy closing (Invesco, Signet, Barrick-Randgold) is classic activist playbook-by-analogy.", "kpisCited": [ { "detail": "Ferguson 10.4x vs US Specialty RMI Distributors 17.2x, Home Improvement Retail 13.4x, Broadline MRO 12.3x, UK Distributors 8.3x", "metric": "CY2020 EV/EBITDA multiple" }, { "detail": "~95% of FY19 EBITDA from North America; 100% pro forma after UK demerger", "metric": "North American EBITDA share" }, { "detail": "~9.5% total (7.5% organic + 2.0% M&A), ~300-400bps above market", "metric": "US revenue CAGR 2014-2019" }, { "detail": "~11.0% with EBITDA margins +50bps", "metric": "US EBITA CAGR 2014-2019" }, { "detail": "Improved to ~23%", "metric": "ROIC" }, { "detail": "Only 1 US-based analyst covers Ferguson vs peer average of 14 (Home Depot and Lowe's have >30)", "metric": "US sell-side analyst coverage" }, { "detail": "Ferguson 0.4% vs peer average 0.7%", "metric": "Share turnover (90-day avg)" }, { "detail": "9 of 25 own Ferguson; $9.4bn of sector AUM held by non-owners", "metric": "Top 25 US specialty-distributor holders owning Ferguson" }, { "detail": "$11.5mm vs $4.1mm", "metric": "Revenue per branch (NA vs UK)" }, { "detail": "30% vs 22%", "metric": "Gross margin (NA vs UK)" }, { "detail": "+37% vs +4%", "metric": "Cumulative 5-year organic growth (NA vs UK)" }, { "detail": "+68% vs -59%", "metric": "Cumulative 5-year EBITA growth (NA vs UK)" }, { "detail": "Ferguson +130bps vs Grainger -510bps, MSC -360bps, Fastenal -340bps", "metric": "Gross margin change, 5 yrs" }, { "detail": "Invesco 97%, Signet 94%, Randgold 95%", "metric": "Precedent relisting shareholder approvals" } ], "closingAsk": "Complete the UK demerger and relist Ferguson in the United States so it can be valued alongside its true US specialty RMI distributor peers.", "extraction": { "at": "2026-04-22 16:45:56+00", "model": "unknown-legacy", "runId": null, "seconds": 120.21627, "promptVersion": null }, "scqaReward": "A re-rating toward the 17.2x specialty-distributor multiple — alongside peers worth 20x Ferguson's market cap — would unlock substantial upside as US investors recognize the North American growth and margin profile.", "thesisTypes": [ "undervaluation", "multiple_rerating", "strategic_pivot" ], "top3Reasons": [ "Ferguson trades at 10.4x EV/EBITDA vs 17.2x for US specialty RMI distributor peers", "~95% of EBITDA is North American yet the stock lists in the UK with only 1 US analyst", "Only 9 of top 25 US specialty-distributor holders own Ferguson — a UK-listing liquidity and coverage gap" ], "scqaSituation": "Ferguson plc is the #1 North American specialty distributor of plumbing and HVAC products, a $19bn market cap UK-listed business generating ~95% of EBITDA from the US with ~23% ROIC.", "thesisSummary": "Ferguson is the #1 North American specialty distributor of plumbing and HVAC products, generating ~95% of EBITDA in the US with ~23% ROIC and organic growth 300-400bps above market, yet it trades at just 10.4x CY2020 EV/EBITDA versus 17.2x for US specialty RMI peers like Pool Corp, Watsco, SiteOne and Beacon. Trian owns ~6.1% of the company and argues the discount is driven by Ferguson's UK listing, minimal US sell-side coverage (1 analyst vs peer average of 14), under-ownership by US institutions and persistent mis-comparison to UK building-materials or broadline MRO names. With the September 2019 announcement to demerge the UK business and install Kevin Murphy as Group CEO, Trian urges the Board to complete the pivot by relisting in the US — citing Invesco, Signet and Barrick-Randgold as precedents — so Ferguson can re-rate alongside its true specialty-distributor peer set.", "primaryDemands": [ "Move Ferguson's primary listing from the LSE to a US stock exchange", "Complete the announced demerger of the UK (Wolseley) business", "Reframe peer benchmarking around US specialty RMI distributors rather than UK building-materials or broadline MRO peers" ], "scqaResolution": "Complete the September 2019 UK demerger, install Kevin Murphy as Group CEO, and relist Ferguson's primary listing on a US exchange so it is benchmarked against its true specialty-distributor peer set.", "thesisOneLiner": "Ferguson is a US specialty distributor trapped in a UK listing; demerging Wolseley and relisting in the US closes a 10.4x-vs-17.2x EBITDA peer gap.", "precedentsCited": [ "Invesco LSE-to-NYSE relisting (2007)", "Signet Jewelers LSE-to-NYSE relisting (2008)", "Barrick Gold / Randgold Resources merger and LSE delisting (2018)" ], "scqaComplication": "Despite organically outgrowing the market by 300-400bps, Ferguson trades at 10.4x CY2020 EBITDA versus 17.2x for US specialty RMI peers — the gap driven by its UK listing, minimal US analyst coverage and under-ownership by US institutions.", "narrativeInterest": 4, "notableSlidePages": [ 5, 7, 9, 17, 20, 22 ], "peerCompaniesCited": [ "Pool Corp", "Watsco", "SiteOne Landscape Supply", "Beacon Roofing Supply", "Home Depot", "Lowe's", "Grainger", "Fastenal", "HD Supply", "MSC Industrial", "Travis Perkins", "Grafton Group", "SIG", "Core & Main" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/haLFLoLG7iS31j7oWCq_1ImtEZsUrKhBNXnom0iKpyg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYTE4MDhjNTM1OWMvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 6, "textChars": 263, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:05:03.683+00", "seconds": 2.984, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-684f41522056/1", "deck": "/decks/019dd923-622b-71dc-a6db-684f41522056", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-684f41522056#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6db-684f41522056.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.71 }, "kind": "disclaimer", "text": "IMPORTANT: You must read this disclaimer in its entirety before continuing. 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The Board expects that the new parent company would benefit from its primary listing being amongst a more appropriate public company peer group.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:07.947+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64c035e2-3244-43fb-9ece-5a590dfce775", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Invesco's size, scale and global focus results in few natural peers on the London Stock Exchange. A US listing will improve visibility and direct comparability with a more appropriate peer group of large, global investment management companies.\" — Invesco CEO; \"The Proposal will align the place of listing with the majority of the Group's business activities. Currently over 70% of the Group's sales, operating profit and net assets are in the US. 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