Colruyt Reports In-Line Full-Year Results; Shares Overvalued
No-moat Colruyt reported full-year 2016-17 results that do not affect our current fair value estimate of EUR 28.50 per share. We also maintain our no-moat rating. Overall group results were mainly in line with our expectations, with total sales increasing by 3.4%, driven by price inflation and floor space expansion. The retail segment, at almost 80% of total sales, grew by 2.4% year on year, driven by both Belgium and other retail. Belgium Colruyt sales at 1.4% growth were unfavourably affected ...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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