Colruyt Increases outlook due to cost control, lower energy costs and share gains
Yesterday evening, Colruyt increased its outlook, with the group now expecting a ‘strong to considerable' decrease in the group's consolidated net result for FY22/23. This is an upgrade versus the December 2022 guidance, when the group still expected the consolidated net result in 2H22/23 to decrease in the same magnitude as 1H22/23, or the equivalent of 45%. As the group traditionally applies the scale of mock for its outlook, we interpret the new guidance as a decline of around 30%, or significantly better than our previous estimate of -45%. After adjusting our estimates to the upside and including the valuation uplift related to the Parkwind deal, we increase our TP from € 22.0 to € 27.0 ps but reiterate our Hold rating.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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