FamilyMart Growth to Decelerate Substantially After Benefit of Store Closure Cycles; Overvalued
No-moat FamilyMart’s profit guidance for 2019 was better than our estimation given better-than-expected revenue from C-store franchisees. On the other hand, a more than 50% increase in capital expenditure driven by fixture upgrade at existing stores will depress its free cash flow. While we expect cost savings derived from the closure of unprofitable stores will pump up its profit growth in 2019, we expect growth to decelerate while sales stay fairly flat beyond 2019 when the benefit of store cl...FamilyMart UNY Holdings is a holding company mainly engaged in the operation of convenience chain stores and general merchandise stores. Convenience Store segment is involved in the operation of convenience chain stores under the name of "FamilyMart" throughout Japan as well as in Taiwan, Thailand, China, Viet Nam, Indonesia, the Philippines and Malaysia through direct management and franchise systems. General Merchandise Store segment is engaged in the operation of general merchandise stores under the names of "APITA" and "PIAGO" in Tokai, Kanto, Hokuriku, Koshinetsu, Kansai and Tohoku regions as well as in Hong Kong. As of Feb 28 2017, Co. maintains total 24,710 stores.
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