@MarsC,
Good question.
But like all data sets, I just want to make sure we are comparing the right things with one another.
By "WES", I assume you mean Bunnings, right?
Because if it is Bunnings, then you know that Bunnings is a lot more than plumbing supplies.
As a case in point, since 2013, when the building boom started, Reece's revenue has grown from $1.5bn to over $2.2bn (stripping out the $175m of Actrol revenues that were acquired in Jan., 2014).
I'm not sure the plumbing supplies market grew at that pace.
I'm busy with a note on Reece's next-largest competitor, Tradelink, which I'll post imminently. As you'll see in a few hours, Tradelink's sales are barely changed.
REH moat, page-10
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