Lacking an economic moat, Colruyt faces sustained profitability pressures; shares overvalued.
After revisiting our assumptions and updating our model to account for fiscal year 2017 results, we are trimming our valuation for Colruyt to EUR 28 from EUR 28.50. We reaffirm our no-moat rating on the back of expected normalization of the Belgian market, stronger competition and our assessment that Colruyt will require a more capital-intensive business model to support future growth. Our estimate implies a forward fiscal 2019 price/earnings ratio of 13 times and enterprise value/EBITDA ratio o...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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