George Weston’s returns on invested capital may falter to various threats looming on the horizon.
No-moat George Weston closed fiscal 2017 with results that were in line with our estimates, but we plan to raise our CAD 118 fair value estimate by CAD 1 because of the time value of money. These results have not changed our long-term assumptions, which assume consolidated average top-line growth of 2.6% and adjusted operating margins of 5.7% over the next 10 years and incorporate the various threats we see, including drug reform changes in its Loblaw segment (95% of revenue), wage increases, an...
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