Colruyt - Results beating
Colruyt's H1-23/24 results exceeded expectations thanks to market shares gains and cost control. We also considered the cash flow as strong.Based on the full year guidance we expect to raise our FY 2023/24 EBIT estimate by 3-4% and expect CSS to move up by some 8%. We reiterate our Buy rating with a TP of EUR 50.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.
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