HD Supply Holdings (HDS) delivered modest top line growth and declining margins in the quarter. While this can be arguably attributed to the current environment involving the non-residential construction market, there is no clear sign of recovery in the short term and margins are expected to remain under pressure. On top of that, the benefits of separation of the HD Supply into two independent companies should not drive any meaningful catalyst for stock prices in the near future. Therefore, we do not see a substantial driver to buy shares of the company at