Colruyt - Higher estimates, higher target price
• We have substantially increased our estimates following the updated guidance. We also raised our 12m TP by >10% to EUR 50. Note that this is after the EUR 1 per share interim dividend.• We reiterate our Buy rating. We expect earnings momentum to continue and its balance sheet to offer ample means for M&A and shareholder returns.Etablissements FR Colruyt is engaged in wholesale, food service, distribution of fuels, production of electricity and digital printing. Co. has three operating segments: retail, which relates to stores under Co.'s own management which directly sell to retail customers and bulk consumers; wholesale and foodservice, which supplies to wholesalers, commercial customers and affiliated independent merchants; and other activities, which operates gas stations, engaged in printing and document management and provides alternative energy.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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