My inclusion of the WES (yes Bunnings) plot was just an interesting incidental. The key point of the plot is the share of building activity (each plot is of revenue vs building activity in dollars spent).
I suspect this may be influenced by various factors (such as the relative proportion of plumbing costs or proportion of plumbing activities and whatever else).
A comparison with Tradelink would be most interesting.
By the way, on an unrelated issue, a couple of years ago i put together a chart of ARB vs TJM revenues. Scary chart (if you have a stake in TJM).
REH moat, page-12
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