Wesfarmers approaches bank values with Bunnings change in July as shares test A$103bn

SYDNEY, June 30, 2026, 03:01 AEST

• Wesfarmers Limited ASX:WES closed Monday at A$90.79, inching up 0.06%. Shares have climbed 5.87% over the past week.
• The company’s market cap stood near A$103 billion, about A$2.6 billion less than ANZ Group Holdings ASX:ANZ based on recent prices.
• Blackwoods and Workwear Group will move into Bunnings on July 1, setting up the next operating test for the stock’s rerating.

ASX cash market trading is still paused in Sydney. Regular hours are 09:59:45 to 16:00 local time. According to the 2026 ASX trading calendar, June 8 is the June public holiday—no mention of an early close or shutdown on June 30. The last cash-session quote for Wesfarmers Limited ASX:WES dates to Monday’s close.

Wesfarmers closed up 5 cents at A$90.79 on Monday. It’s a small move for the day, but shares are up 5.87% for the week and 11.96% so far in 2026. The stock finished 4.6% under its 52-week high of A$95.18, and 28.2% above a 52-week low at A$70.80, according to market data and price calculations.

Wesfarmers is trading near ANZ Group Holdings ASX:ANZ in market value at around A$103.01 billion, with ANZ at A$105.62 billion. The gap is small, putting the retail-focused conglomerate in the lower range of Australia’s big banks by valuation, even as its main earnings come from Bunnings, Kmart, chemicals, health and office supplies.

Retail stocks moved in both directions. Woolworths Group ASX:WOW kept pace with most of Wesfarmers’ gain over the last week, while Coles Group ASX:COL trailed behind, and JB Hi-Fi ASX:JBH outperformed the group for the week. Wesfarmers’ main advantage remains its size, now dwarfing listed food and electronics peers that show up on most consumer-sector screens.

The S&P/ASX 200 closed up 59.2 points, or 0.68%, at 8,823.4 on Monday. Consumer discretionary names led gains. “The broader risk market can keep looking through the smoke,” SPI Asset Management’s Stephen Innes said in a note quoted by News Corp Australia. News

No new statement from Wesfarmers on Monday to account for the move. The company’s ASX announcements for June cover strategy briefings on June 9 and 10, a director interest notice filed June 5, and a June 2 update about shifting Industrial and Safety into Bunnings.

The June 2 notice has hit the tape. Blackwoods and Workwear Group head to Bunnings on July 1. Wesfarmers said Bunnings will pick up their financials in first-half FY2027 results, but Bunnings will keep key sales metrics separate from those units.

Wesfarmers CFO Anthony Gianotti said the move lets the company target growth among smaller and mid-sized customers. Bunnings boss Mike Schneider said shoppers will see “more choice, better product availability.”

The split disclosure matters for valuation. It lets investors see if the shift brings in profit and saves on costs, or if the bigger Bunnings business hides weaker core hardware sales. Wesfarmers said it doesn’t expect big one-time costs from the move and plans to update investors with August’s full-year results.

The premium is backed by profit growth. Wesfarmers posted a 3.1% rise in revenue to A$24.21 billion for the half year ended Dec. 31, 2025. Net profit attributable to members rose 9.3% to A$1.60 billion. The company hiked its interim dividend 7.4% to A$1.02 a share. Operating cash flow slipped 3.3% to A$2.49 billion.

Wesfarmers is trading at A$90.79, putting the stock at 33.6 times earnings after reporting EPS of A$2.70. That multiple doesn’t give much buffer if Bunnings stumbles on integration, but the shares moved just 0.06% on Monday.