Initiating Coverage of Belgian Discount Retailer Colruyt
We are initiating coverage of Colruyt, a Belgian discount retailer, with a no-moat rating and negative moat trend, and a EUR 28.5 fair value estimate, implying significant 38% downside.With leading 32% market share in Belgium, it has a winning store format based on extremely low prices and no frills, with a high content of private label and a full assortment. We would describe it as a hybrid between a hard discounter and a mainstream supermarket operator.
It is the most diversified food retaile...
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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