We've Increased Colruyt's FVE to EUR 33.50 From EUR 28; Bearish Thesis Intact; Shares Overvalued
No-moat Colruyt issued annual results for the 52 weeks to March 31, 2018, with revenue at 3.4% growth versus the year-ago period, in line with our expectations. While we retain our no-moat rating, we are increasing our fair value estimate to EUR 33.50 from EUR 28 to reflect higher wholesale segment profitability, a close to 100-basis-point upward revision of our inflation rate forecasts in Belgium (in line with our inflation rate forecasts in France), lower tax rates after the approval of the ne...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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