1、July 10, 2019Equity Research I AmericasCredit SuisseHome Improvement RetailStable on the Home Front QTD in Q2; Demand Closer to Bottom, but Valuation Closer to the Top; Remain on the SidelinesComps Bridge for HD/LOW per Credit Suisse EstimatesCS Est. HD Comp Bridge1Q172Q173Q174Q171Q182Q183Q184Q181Q1

2、9 2Q19E 3Q19E4Q19EImplied Base Comps4.85.95.24.33.63.85.25.75.05.24.84.3Base Two Year Stack11.111.310.310.38.49.710.510.08.69.010.010.0Base Three Year Stack18.417.017.419.214.715.115.516.013.414.915.214.3Implied Base Comps4.85.95.24.33.63.85.25.75.05.24.84.3Comp Compare from Wk Shift-0.60.30.00.2Hur

3、ricane (net) Impact0.00.01.21.71.41.0-0.6-1.1-0.8-0.60.00.0Weather Impact0.30.00.00.0-2.32.00.0-0.9-0.1-0.90.00.9Incremental Initiative BenefitN/AN/AN/AN/AN/AN/AN/AN/A0.00.00.71.0Commodity In/deflation0.80.71.11.11.11.20.6-0.1-0.5-0.6-0.10.2FX/Canada-0.3-0.20.40.40.40.0-0.4-0.4-0.6-0.20.00.2Reported

4、 Comps, TotalImplied 1H/2H19 Comps5.56.37.97.54.28.04.83.22.513.22?85.46.7 16.1CS Est.LOW Comp Bridge1Q172Q173Q174Q171Q182Q183Q184Q181Q192Q19E3Q19E4Q19E Implied Base Comps1.54.03.32.71.12.72.13.54.93.34.23.4Base Two Year Stack8.27.45.36.72.66.65.46.26.06.06.36.9Base Three Year Stack-9.310.17.410.27.

5、510.09.69.6Implied Base Comps1.54.03.32.71.12.72.13.54.93.34.23.4Weather/Seasonal0.00.00.0(0.6)(3.0)1.30.30.00.3(0.6)(0.1)0.0Hurricane (net) Impact0.00.01.41.21.00.1(1.0)(0.8)(03)0.00.00.0Commodity In/deflation0.50.50.90.90.91.00.4(0.3)(0.7)(0.8)(03)0.0FX(0.1)0.00.1(0.1)0.50.1(0.2)(0.3)(03)0.00.00.1

6、Inventory Rationalization0.00.00.00.00.00.0(0.1)0.00.00.00.00.0Canada headwinds0.00.00.00.00.00.00.0(0.4)(0.4)(0.3)(0.2)(0.1)Reported Comps, Total1.94.55.74.10.65.21.51.73.51.63.63.4Total Comps - 2 Yr Stack9.26.58.49.22.59.77.25.84.16.85.15.1Seasonal Tracker for Q2 Still Down Y/Y, But Improving, and

7、 Compares Easing in JulyOur Seasonal Indicator for HD/LOW tracks key seasonal categories (source: Nielsen); Confirms weaker early May, better Memorial Day period, and improving trends in JuneMonthly Seasonal Indicator vs. Weather: Helps explain recent volatilityMonthly Seasonal Indicator vs. Weather

8、: Helps explain recent volatilityJanFebMarApr 17 MayJunJul 171717171717JanFebMarApr 18 MayJunJul 181818181818JanFeb Mar Apr 19 May Jun1919191919Seasonal Indicator Seems Supportive for Current Estimates, Depending on JulyOur data below includes the first 8 weeks of HDs quarter, 9 weeks for LOWS quart

9、er. We currently model 3.5% for HD US vs. consensus 3.6%, 1.9% for LOW US vs. consensus 2.1; We would be looking for a stronger July to support that20% - 15% - 10% -5% - 0% -5% -10% -15% -20% -25% -20% - 15% - 10% -5% - 0% -5% -10% -15% -20% -25% -HD Comps vs. Seasonal, 2019 to-date 一一 Seasonal Sale

10、s - HDHD US Comp (RIGHT)8%15%10%6%5%0%4%-5%2%-10%-15%0%-20%-25%-2%-30%LOW Comps vs. Seasonal, 2019 to-date一- Seasonal Sales - LOWLOW US Comp (RIGHT)Jan sFeb 19Mar 19Apr 19May 19Jan 19Feb 19Mar 19Apr 19May 19Jun 199%7%5%3%1%-1%-3%Two-Year StackSeasonal Sales - 2 Yr HD US Comp 2 Yr (RIGHT)99Two-Year S

11、tack9Consumer Interest Gauged through Google Trends; Consistent with Current Expectations Analyzing Google Trends for 10 Home Improvement-related topics vs. HD/LOW comps (r-sq 0.8), seems to support comp trends that are in line with current estimatesHD US Comps vs Home Improvement Google Trends7%2%L

12、OW US Comps vs. Home Improvement Google Trends22%17%12%21%16%11%6%1%-4%-9%N 心N & XqgN8Commodity Deflation May Be a Bigger Drag than Expected, Particularly in Q2CS Inflation Indicator points to deflation in the 50-70 bpsrange for Q2Our analysis points to deflation of 50-70 bps in Q2 vs 50 bps in QI,

13、10-20 bps of deflation in Q3 and inflation of 10-20 bps in Q4.HD guidance continues to assume neutral FY commodity impact, but noted lumber alone could pressure comps by 70 bps assuming QI spot prices continued.LOW guidance doesn/t assume any full year impact from deflation, which may be a risk to c

14、onsiderCS Inflation Indicator points to deflation in the 50-70 bpsrange for Q2Our analysis points to deflation of 50-70 bps in Q2 vs 50 bps in QI, 10-20 bps of deflation in Q3 and inflation of 10-20 bps in Q4.HD guidance continues to assume neutral FY commodity impact, but noted lumber alone could p

15、ressure comps by 70 bps assuming QI spot prices continued.LOW guidance doesn/t assume any full year impact from deflation, which may be a risk to considerMonitor Core Ticket Trends and ElasticityKey drivers of our deflation assumption is; Lumber (-36% y/y 2Q19, -1% Q3, +12% in Q4 vs -27% in 1Q19), S

16、teel Rebar (-6% y/y 2Q19Z-13% Q3, -8% in Q4 vs +8% 1Q.19) and Aluminum (-20% y/y 2Q19, -12% Q3, -6% in Q4 vs -14% 1Q19)2.0%1.5%1.0%0.5%0.0%-0.5%-1.0%HD Commodity Inflation Indicator一 CS Inflation Index for HD2Q19E4Q182Q184Q172Q174Q162Q164Q152Q154Q142Q144Q132Q134Q19E60% iSteel Rebar-30%4Q19E 網 3Q19E

17、s2Q19E 1Q19 4Q18 3Q182Q181Q184Q173Q172Q171Q17Promotional Trends Mixed; LOW Seems Slightly More Active vs. Prior YearFor HD, Fewer Emails/ Similar Holiday Sales Periods Y/YFor LOW, More Emails/ Longer Holiday Sales Periods Observed Y/YPromo ObservationsMore Emails at LOW, less at HD: We noticed highe

18、r email count from LOW this quarter vs a year ago, while HD is tracking down. Increased personalization of emails do make the read-through less of clear, but something to monitorLonger holiday sale periods： We noticed some holiday sales periods lasted longer vs last year. For LOW, Memorial Day was 2

19、2 days long this year, vs 14 days last year. Fourth of July savings also started earlier, on the 20th of June (for Appliances, 28th for other categories) vs 28th of June last year. For HD, Memorial Day was 20 days long this year, the same as last year, though 4th of July seemed to start one day earl

20、ier this year.HD Email Count2160515153LOW Email Count55504847liiiliiili/ 嫄 / / 6 6 y z40.0%20.0%0.0%(20.0%)(40.0%)(60.0%)HD Email Count - y/y35.0%25.0%20.0%15.0%10.0%5.0%0.0%(5.0%)(10.0%)LOW Email Count - y/yQl-18Q2-18Q3-18Q4-18Ql-19Q2-19 to-dateQl-18Q2-18Q3-18Q4-18Ql-19Q2-19 to-datePromotional Tren

21、ds Mixed (Continued)Similar Number of Promotions/Discount Levels Throughout the Quarter for HD, Slightly Higher for LOWPromotional ObservationsFor HD, the number of items promoted on the entry page to HD was broadly similar to last year, as was the overall average discount rate offered. The spike in

22、 the average discount rate in July 9th 2019 is due to a one-day clearance sale for Faucets, not an indication of a broader increase in discounting.For LOW, the cadence has been similar. However, the average discount rate was higher y/y for most of the quarter to-date periodHD - Absolute # Of PromosH

23、D - Absolute # Of PromostoLOW - Absolute # Of PromosHD - Average Discount % Of PromosHD Average Promo 2019 HD Average Promo 2018HD - Average Discount % Of PromosHD Average Promo 2019 HD Average Promo 201850.0%40.0%30.0%20.0%55.0%45.0%35.0%25.0%15.0%LOW - Average Discount % Of PromosAverage Promo 201

24、9Average Promo 201810.0%5.0%25 May 1918 May 1911 May 19 04 May 19 8c丁 19 1LU丁1924CM9 17LUM9 10LU719 3-C719 27May1920May19 BMay19 6May19Number of Promos 2019 Number of Promos 2018Home Prices Trends Mixed: Custom Analysis + Case Shiller Suggest Continued Slowdown, National Association of Realtors + FH

25、FA Suggest StabilizationOur custom home price index for HD/LOW (tracking home prices down to the store level, weighted by population density) shows moderating growth vs stabilizing trends in national indices.HD/LOW Custom Home Price Index Analyzing home price appreciation trends for HD/LOW down to t

26、he store level shows moderation in growth in recent months:For HD; Tracking +2.3% QTD (May), vs +3.0% April, +3.6% Mar, +4.3% FebFor LOW; Tracking +2.5% QTD (May), vs +3.2% April, +3.9% Mar, +4.7% FebHD/LOW Home Price Index (Pop. Wtd) - all marketsNational Indices Better National indices also show s

27、table trends n recent monthsExisting Home Sales per NAR, moderated to +4.8% in May, +3.5% in April, +4.0% in Mar and +3.9% in Feb.FHFA home price index was +5.2% in April vs 5.1% in March, 5.2% Feb, 5.6% in Jan.Case Shiller National Index is tracking at +3.5% in April, vs. +3.7% March, +3.9% Feb and

28、 +4.2% Jan.14.0%12.0%10.0%8.0%6.0%4.0%2.0%0.0%-2.0%-4.0%-6.0%-8.0%-10.0%-12.0%-14.0%寸寸 SLO999NN888 61 EHS Median Price- Case ShillerFHFA6lAB|A|8E。8T 一三 812 Z.I技 9T0N 9T un 9T ue T f 寸二。0 寸工 ml。Q ml 一三Tq u. NT ds TTON TT un TT ue 01bDnv OT60 co 6。工 8。uoo 8。一三 80q LL. No ds zodOLlLlLlZZcncncnbVLnS999N

29、N888 68。 a 8。一三 80q LL. Nodes NodRecently, a wider price appreciation gap has emerged between population weighted” and “average indices, as larger metro markets see greater slowdownPrice Cuts Remain Elevated, Tracking Above Recent Peak and Higher for HDPrice cut analysis for HD and LOW markets (thro

30、ugh May), showed a meaningful increase in % of homes for sale with price cuts. Price Cuts in HDs markets continue to accelerate above LOWs markets% of Current Existing Home Listings for Sale, with a Price Cut,Average of HD and LOWS Markets,TTMListings with Price Cuts higher in HD markets, a symptom

31、ofweaker housing trends in larger markets15 5%Avg HD LOW Pct of Listings with Price Cut (TTM) 2%15.0%14.5%14.0%13.5%13.0%12.5%12.0%11.5%11.0%3 & 6 / 啦 S S 6 鏟Price Cuts a Risk to Big TicketTrends?Past periods of moderating big ticket trends coincided with rising home price cuts, similar to what we a

32、re seeing now. As discussed earlier, this will become clearer as hurricane comparisons normalizes.Current Listings for Sale with Price Cuts vs Big Ticket Trends6Toz 二O 8Toz408TozAo ZJOZTO 9TozGo 9T0NAO 9TozTo STOZ8 STOZZO TONTcf 寸 T0Z4O 寸so.8 30.3 T0Z4O mlozmo mrozAcf ZTON&O ZTONmo ZIOZAcf ZTOTTcfTT

33、ONGO memo16%14% -12%10%8%6%4% -2%Estimates vs. ConsensusQ2Cens1HRs Comps3.5%3.6%4.6%4.6%Gross Margin-37bps-24bps-29bps-29bpsSG&A6bps20bps-12bps-10bpsEPS$3.09$3.09$10.16$10.12CS Est. vs ConsensusLOWTotal Comps1.6%1.9%2.9%2.9%US Comps1.9%2.1%3.3%3.4%Gross Margin-140bps-92bps-40bps-35bpsSG&A-67bps-40bp

34、s-78bps-68bpsEPS$1.99$2.01$5.59$5.58HD Income StatementTHE HOME DEPOT, INC. QUARTERLY INCOME STATEMFY ends Jan., dollars in thoFY 16AFY 17RQ1 18AQ2 18AQ3 18AQ4 18AFY 18AQ1 19AQ2 19EQ3 19EQ4 19EFY 19ENet Sales94,595,000101,070,00024,947,00030,463,00026,302,00026,491,000108,203,00026,381,00031,102,074

35、27,753,29726,378,777111,615,148Cost of Merchandise Sold62,282,00066,174,00016,330,00020,098,00017751,00017,464,00071,043,00017,364,00020,636,22618,122,90317,489,12973,612,258Gross Profit32,313,00034,896,0008,617,00010,365,0009,151,0009,027,00037,160,0009,017,00010,465,8489,630,3948,889,64838,002,890

36、SG&A Expense17,132,00018,295,8804,779,0005,004,0004,808,0004,922,00019,513,0004,940,0005,021,4304,945,6384,766,64519,673,712D&A1,754,0001.811,000457,000460,000473,000480,0001,870,000480,000575,388596,696593,5222,245.607Total Expenses (SG&A & D&18,886.00020,106,8805,236,0005,464,0005281,0005,402,0002

37、1,383.0005,420,0005,596.8185,542,3335.360,16721,919,319Total Operating Income13,427,00014,789,1203,381,0004,901,0003,870,0003,625,00015,777,0003,597,0004,869,0304,088,0613,529,48016,083,571EBITDA15,181,00016,600,1203,838,0005,361,0004,343,0004,105,00017,647,0004,077,0005,444,4184,684,7574,123,00318,

38、329,177Net Interest Income (Exp.)-936,000-983,000-239.000-246,000-224,000-265,000-974.000-273,000-284.905-283,411-283.6901125,006Pretax Income12,491,00013,806,1203,142,0004,655,0003,646,0003,360,00014,803,0003,324,0004,584,1253,804,6493,245,79014,958,565Income Taxes4,534,0004,979,097738,0001,149,000

39、779,000832,0003,498,000811,0001.171,015971,898829,1373,783,050Net Income from Cont Ops7,957,0008,827,0232,404,0003,506,0002,867,0002,528,00011,305,0002,513,0003,413,1102,832,7522,416,65311,175,515EPS from Cont Ops$6.45$7.46$2.08$3.05$2.51$2.25$9.89$2.27$3.09$2.58$2.21$10.16Weighted Average Shares (m

40、1,2341,1841,1581,1491,1411,1211,1421,1061,1031,0981,0921,100Ratios as a % of SalesGross Margin34.2%34.5%34.5%34.0%34.8%34.1%34.3%34.2%33.7%34.7%33.7%34.0%SG&A18.1%18.1%19.2%16.4%18.3%18.6%18.0%18.7%16.1%17.8%18.1%17.6%D&A1.9%1.8%1.8%1.5%1.8%1.8%1.7%1.8%1.9%2.2%2.3%2.0%Total Expenses (SG&A & D&20.0%1

41、9.9%21.0%17.9%20.1%20.4%19.8%20.5%18.0%20.0%20.3%19.6%Operating Margin14.2%14.6%13.6%16.1%14.7%13.7%14.6%13.6%15.7%14.7%13.4%14.4%Pretax Margin13.2%13.7%12.6%15.3%13.9%12.7%13.7%12.6%14.7%13.7%12.3%13.4%Tax Rate36.3%36.1%23.5%24.7%21.4%24.8%23.6%24.4%25.5%25.5%25.5%25.3%Net Margin8.4%8.7%9.6%11.5%10

42、.9%9.5%10.4%9.5%11.0%10.2%9.2%10.0%Y/o/Y % ChangeComp Store Sales5.6%6.8%4.2%8.0%4.8%3.2%5.2%2.5%3.2%5.4%6.7%4.4%Two Year Stack11.2%12.4%9.7%14.3%12.7%10.7%12.0%6.7%11.2%10.2%9.9%9.6%U.S. Comp Store Sales6.2%6.9%3.9%8.1%5.4%3.7%5.4%3.0%3.5%5.8%6.8%4.6%Sales Increase6.9%6.8%4.2%8.3%4.9%10.7%7.1%5.7%2

43、.1%5.5%(0.4)%4.7%Depn Increase3.8%3.2%2.9%2.4%4.2%3.4%3.3%5.0%25.1%26.2%23.7%20.1%Total SG&A & Depn Increase2.8%6.5%5.9%6.2%3.6%9.8%6.3%3.5%2.4%4.9%(0.8)%2.5%Total Op. Income Increase13.9%10.1%1.0%9.8%5.2%9.9%6.7%6.4%(0.7)%5.6%(2.6)%1.9%Net Income Increase14.9%10.9%19.4%31.2%32.4%27.9%28.1%4.5%(2.6)

44、%(1.2)%(4.4)%(1.1)%EPS from Cont Ops Increas19.5%15.7%24.1%35.8%36.3%33.2%32.6%9.4%1.4%2.7%(1.9)%2.8%LOW Income StatementFY 15AFY 16AFY 17AQ1 18AQ2 18AQ3 18AQ4 18AFY 18AQ1 19AQ2 19EQ3 19EQ4 19EFY 19ENet Sales59,073,00065,017,00068,619,00017,360,00020,888,00017,415,00015,647,00071,309,00017,741,00021

45、,001,736 17,709,384 16,159,35272,611,472Rebased Net Sales17,164,00020,671,00017,094,00015,628,00070,557,00017,741,00021,001,736 17,709,384 16,159,35272,611,472COGS - PRE- ACCOUNTING CHANGES11,348,00013,689,00011,750,00010,430,00047.216,000 Shigna Reclassification COGS38,502,00042,553,000975,00045,21

46、0,000265.000314.000282,000290.00011,612,000 14,003,000 12,032,000 10,720,0001.151,00048,367,00012,160,00014,358,570 12,033,526 10,988,35949,540,456Gross Profit PRE- ACCOUNTING CHANGES6,012,000 7,199,000 5,665,000 5,217,00024,093,000Gross Profit Post Accounting Change20,571,00022,464,00023,409,0005,7

47、48,0006,885,0005,383,0004,927,00022,943,0005,581,0006,643,166 5,675,858 5,170,99323,071,016Est. Gross Profit Rebased + Adj for Shlpplng/Handllng Acct IngChange5,671,0006,801,0005,621,0004,941,00023,034,0005,581,0006,643,166 5,675,858 5,170,99323,071,016SG&A Expense - PRE- ACCOUNTING CHANGES4.187,000

48、4,451,0004.090,5003,881,00016,611,500-Shippinq ReclassificationSG&A Expense13,586,00014,671,200-932,00015,405,680-255,0003,934,000-304,0004,147,000-272,0003,818,500-281,0003,600,0001112,00015,499,5003,850,0004,074,337 3,789,808 3,635,85415,349,999SG&A Rebased3,849,0004,067.0003,722,5503,579,00015,21

49、1,5503,850,0004,074,337 3,789,808 3,635,85415,349,999Depreciation - PRE- ACCOUNTING CHANGES360,000355,000337,500326,0001,378,500 ShiDpinq ReclassificaiionDepreciation1,484,0001,475,00043.0001,447,00010,000349,00016000345,00016000327,5009990317,000390001,338,500302,000317,400304,575304,3201,228,295To

50、tal Operating Expenses - PRE ACCOUNTING CHANGES4.548,0004,806,0004.428,0004,207,00017,989,000-Shippinq ReclassificationTotal Operating Expenses, Post-Accounting Change15,070,00016,146,200-975,00016,852,680-265,0004,283492,000-282,0004,146,000-290,0003,917,000-1.15190016,838,0004,152,000

51、4,391,737 4,094,383 3,940,17416,578,294Est. Total Operating Expenses Rebased + Adj for Shipping/Haridling Acctirig Change4,179,0004,397,0004,050,0503,890,43216,511,9284,152,0004,391,737 4,094,383 3,940,17416,578,294Operating Income5,501,0006,317,8006,556,3201,465,0002,393,0001,237,0001,010,0006,105,

52、0001,429,0002,251,429 1,581,474 1,230,8186,492,722Rebased Operating Income1,492,0002,404,0001,570,9501,050,5686,522,0721,429,0002,251,429 1,581,474 1,230,8186,492,722EBITDA - PRE- ACCOUNTING CHANGES1.824,0002,748,0001,574,5001,336,0007,482,500Shippinq ReclassificationEBITDA6,985,0007,792,80043,0008,

53、003,320109001,814,000109002,738,000109001,564,5009.0001,327,00039.0007,443,5001,731,0002,568,829 1,886,049 1,535,1387,721,017Net Interest Expense (Income) Pretax Income552,0004,949,000644,0005,673,800634Q00 5.922,320160Q00 1.305,000153Q002,240,000153,0001.084,000158,000852,0006240005,481,000162Q001,

54、267,000171.922184.1232,079,507 1,397,351193.8551,036,963711.9015,780,821Income TaxesNet Income1,8730003.076,0002.145J403,528,6602231,9993,690,321317Q00988,000551 Q40 1,688,960240,882843,118207,377644,6231,316,2994,164,70129L000976,0005042801,575,227338,8581.058,49425L464785,4991,3856024,395,220Nl to

55、 Common3,063.0003,532,7703.690,321988,0001,688,960843,118644,6234,164.701976.0001.575,2271,058.494785,4994,395.220Earnings Per Share$3.30$4.01S4.39$1.19$2.07$1.04$0.80$5.13$1.22$1.99$1.35$1.02$5.59Weighted Average Shares (a)930882840826814807801812797791782773786Ratios as a % of SalesIGross Margin34

56、.8%34.6%34.1%33.1%33.0%30.9%31.5%32.2%31.5%31.6%32.1%32.0%31.8%Gross Margin Rebased33.0%32.9%32.9%31.6%32.6%31.5%31.6%32.1%32.0%31.8%SG&A Expense23.0%22.6%22.5%22.7%19.9%21.9%23.0%21.7%21.7%19.4%21.4%22.5%21.1%Depreciation Expense2.5%2.3%2.1%2.0%1.7%1.9%2.0%1.9%1.7%1.5%1.7%1.9%1.7%Total Expenses25.5

57、%24.8%24.6%24.7%21.5%23.8%25.0%23.6%23.4%20.9%23.1%24.4%22.83%Total Expenses Rebased24.3%21.3%23.7%24.9%23.4%23.4%20.9%23.1%24.4%22.83%Operating Margin9.3%9.7%9.6%8.4%11.5%7.103%6.5%8.6%8.1%10.7%8.9%7.6%8.9%Operating Margin Rebased9.3%9.7%9.6%8.7%11.6%9.2%6.7%9.2%8.1%10.7%8.9%7.6%8.9%EBITDA Margin11

58、.8%12.0%11.7%10.4%13.1%9.0%8.5%10.4%9.8%12.2%10.7%9.5%10.6%Pretax Margin8.4%8.7%8.6%7.5%10.7%6.2%5.4%7.7%7.1%9.9%7.9%6.4%8.0%Interest Expense0.9%1.0%0.9%0.9%0.7%0.9%1.0%0.9%0.9%0.8%1.0%1.2%1.0%Tax Rate37.8%37.8%37.7%24.3%24.6%22.2%24.3%24.0%23.0%24.3%24.3%24.3%24.0%Net Margin5.2%5.4%5.4%5.7%8.1%4.8%

59、4.1%5.8%5.5%7.5%6.0%4.9%6.1%Growth. Y/YUS Comparable Store Sales5.1%4.1%3.9%0.5%5.3%2.0%2.4%2.7%4.2%1.9%3.9%3.5%3.3%Comparable Store Sales4.8%4.2%4.0%0.6%5.2%1.5%1.7%2.4%3.5%1.6%3.6%3.4%2.9%Total Sales Buildup5.1%10.1%5.5%3.0%7.1%3.8%1.0%3.9%2.2%0.5%1.7%3.3%1.8%Rebased Sales Growth3.4%1.6%3.6%3.4%2.

60、9%Companies Mentioned (Price as Of09-Jvi-2019)Home Depot HD.N. $212.0. NEUTRAL. TP $192.0)Lowes (LOW N. $104,86. NEUTRAL, TP $99 0)Disclosure AppendixAnalyst CertificationI, Seth Sigman, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject