LBV | You get what you pay for
Label'Vie's FY '18 results were ahead of our expectations and set records relative to its own performance since FY ‘10. Over the period, improvements in EBIT margins (5% from 3%) and return on equity (15% from 4%) are due to the Group's ability to capture the growth in Morocco's retail sector. Given the low penetration rate of formal retail in Morocco (c.17%), we believe the sector can grow as a whole; particularly Label'Vie due to its established presence in the country.
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