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BUZZ-Wolseley: in-line FY outlook fails to support valuation

Reuters - UK Focus

** Wolseley (LSE: WOS.L - news) retreats from 7.5-yr highs after H1 results, in which plumbing supplies co says it sees FY in line, proves insufficient to justify a strong rally

** Shares (Berlin: DI6.BE - news) , down 2.9 pct, poised for biggest one-day drop since early Dec, easily top FTSE 100 fallers & most actively traded stock on index; shares up by almost a third in last 6 mths

** Has backdrop of decent market conditions in US but continued challenging market conditions in Europe

** Westhouse says even assuming a 3 pct rise in its EPS, on a diluted basis stock trades at 18.7x 2015 - versus a 10-yr average of 14.4x & a prospective yield of 2.2 pct; reckons both look stretched since upside surprises from US mkt look limited (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)