Model Update
We are updating our WBA model, but maintain a high-single-digit EPS growth outlook. With the company trading on a 10%+ FCF yield, we do not believe the company's robust fundamentals are fairly reflected in the current trough multiple (<10x), with Amazon fears remaining a significant overhang. We view such fears as overdone and expect WBA to continue to capture share as it leverages its recent partnerships and expands the healthcare services provided in-store. We remain Overweight.Walgreens Boots Alliance is a holding company. Through its subsidiaries, the company is engaged in retail and wholesale pharmacy. The company's operations are organized into three divisions, which are also its reportable segments: Retail Pharmacy USA; Retail Pharmacy International; and Pharmaceutical Wholesale. The Retail Pharmacy USA division has pharmacy-led health and beauty retail offerings. The Retail Pharmacy International division has pharmacy-led health and beauty retail businesses. The Pharmaceutical Wholesale division, which mainly operates under the Alliance Healthcare brand, supplies medicines, other healthcare products and related services to pharmacies, doctors, health centers and hospitals.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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