Colruyt - Result beat, cautious guidance
• Results exceeded expectations, especially thanks to a strong gross margin in H2. Thanks to the results and portfolio changes it also strengthened its financial position to a net cash position on a pre-IFRS 16 basis• However, its outlook is cautious as market conditions are challenging and competition remains fierce. Hence, Colruyt is aiming for a flat result on an underlying base. Based on the outlook we expect to only finetune our estimates following these numbers• We stick to Hold and keep our TP unchanged at EUR 46, in line with peersEtablissements 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.
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