Questor: Travis Perkins battling volatile construction markets In truth, the economy has not changed much since then. However, shares in Travis Perkins have. They were trading at just 754.5p in July 2010, but have risen by 70pc in the intervening period. Clearly, that recommendation was not one of Questor's best. While Travis Perkins" markets have remained under pressure, the company has managed to increase market share, protect its margins, and make a success of its £550m deal to buy plumbing supplies company BSS. Nonetheless, this column remains reluctant to advise readers to pile in to Travis Perkins. The company is well managed, and this is now priced into the shares, which are trading on a current price-earnings ratio of 13.3, falling to 11.8 times next year, and a dividend yield of 2.2pc. This compares with Kingfisher, the owner of B&Q, which trades at a price-earnings ratio of 11.4 and has a dividend yield of 3.4pc, and builders" merchant Wolseley, which trades at 17 times earnings and yields 2.2pc. Questor feels that the uncertainty facing construction markets and consumer confidence means that the valuation of Travis Perkins is too punchy. There could well be more attractive opportunities to invest in the company later in the year. Geoff Cooper, chief executive of Travis Perkins, is never afraid to offer his views on the health of the economy and did not disappoint when the company published final results. He spoke of "roller coasters," "volatile conditions" and asked for "radical measures" from the Government to boost the economy. Mr Cooper warned that like-for-like sales fell 5.1pc in the first seven weeks of 2013, including 7.6pc for Wickes and its retail business. This should not be taken as a sign that Travis Perkins is heading for a difficult year. Mr Cooper said the decline in sales was partly down to snow in January and said that February sales were flat. Nonetheless, it highlights that Travis Perkins is operating in a challenging market that, Questor feels, will put pressure on its share price.