LBV | Atacadão is the best form of defence
Label'Vie's H1 '19 revenue growth exceeded our expectations. The Atacadão store format expanded the Group's retail market share in Morocco which supported the growth. However, the Atacadão store format is a lower margin business. Thus, we revised our GP margin forecast downward for FY ‘19f and we decelerated our forecast margin expansion thereafter. Despite the downward revision, we view LBV as a high-quality business producing excess returns to capital.
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