COLRUYT : From windfarm to fork
Today we publish an in-depth note on Colruyt where we dig deeper into the possible impact of the lockdown situation. Furthermore, we also did a detailed valuation exercise of Parkwind which we believe represents a solid buffer with further upside. All-in-all, we increase our target price from € 45.0 to € 50.5, reflecting € 5/share for the value of Parkwind and € 0.5/share for the positive COVID-19 impact. Given the limited downside, we upgrade from Reduce to Hold.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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