Pepkor | Initiating coverage | Optimising the value of basics
Pepkor is the largest non-grocery retailer in South Africa. The group has dominant market share in defensive categories like kidswear, school wear and basic clothing. Pepkor has the strongest value proposition amongst peers resulting in a resilient growth profile. Pepkor can deliver superior revenue and earnings growth (3 yr. earnings CAGR of 20.9% vs. sector of 10.7%.) driven by the Clothing/General Merchandise division and turnaround in the Furniture/Appliances division. We believe the Building Materials division can also improve profitability with an improvement in its customer offering.Pepkor Holdings Ltd Formerly known as Steinhoff Africa Retail Ltd. Pepkor Holdings Ltd, formerly Steinhoff Africa Retail Ltd, is a South Africa-based household company. The Company is engaged in providing furniture, electronics, building materials, home appliances, apparel, and household products. The Company's brand includes DIY, G2, CFH and Bedding. The G2 category comprises two branded retailers that specialise in consumer electronics and appliances. These include a range of computers, including PCs, notebooks, networking devices, external and replacement 49 hard drives, software and accessories; gaming equipment and devices; televisions and projectors; and personal devices, including cellular devices, tablets, e-readers and fitness and wearables devices. The CFH category consists of clothing and footwear brands and Tekkie Town. Tekkie Town offers a variety of branded active and on-trend leisure footwear and accessories from globally fashion and sportswear companies. The Bedding category comprises sleepmasters.
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