2234 GMT - After attending a Wesfarmers strategy briefing, Jefferies analysts Michael Simotas and Naveed Fazal Bawa aren't so sure about the Aussie conglomerate's recent M&A. They say recent additions, including setting up a lithium business and a health division, have been "suboptimal so far," and they point out the lithium business is now poised to book a greater than expected loss this fiscal year. The Jefferies analysts also say that M&A was downplayed at the briefing, with management appearing to prioritize organic capital allocation. Still, the Jefferies analysts, who have a "hold" rating on Wesfarmers, say that prospects for the company's main businesses, such as retailers Bunnings, Kmart, and Officeworks, remain strong. (mike.cherney@wsj.com)
(END) Dow Jones Newswires
May 22, 2025 18:34 ET (22:34 GMT)
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