28 May 2025 | 7:05AM BST Kingfisher (KGF.L): First Take: Good start to the year with 1Q26 Group LFL +2.7% (cal adj); FY26 guidance reiterated What does this mean? All things equal, we would expect FY26E PBT consensus to remain c.£520mn. Valuation: Our DCF-derived 12-month PT is 270p, equating to a c.11x FY27E P/E (11x EV/NOPAT). We are Neutral rated. Richard Edwards +44(20)7051-6016 | richard.edwards@gs.com Goldman Sachs International Ben Williams +44(20)7051-0661 | ben.williams@gs.com Goldman Sachs Interna ...