Colruyt: Attacked on both fronts COLR BB
Colruyt is being attacked on two fronts with the covid unwind weighing on volumes while competition is preventing the group from passing the high inflationary environment on to its customers. With both factors likely to persist in 2H21/22, the group restated that it expects its consolidated operating and net result for FY21/22 to show a “significant to strong decrease” compared to last year (excluding the gain on the contribution of Eoly Energy). As we don’t expect inflation or competition to fade away anytime soon, we have revised our estimates and lower our TP from € 49.0 to € 41.0 ps. We maintain our Hold rating and expect a negative share price reaction today.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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