Intensifying competitive pressure driving up investment, weighing on margins and returns.
No-moat Lawson’s third-quarter results came in below our expectations and the company’s target. Weak same-store sales, coupled with a deteriorated product mix and rising subsidies for franchisees, weighed on profits. Sluggish earnings indicate that initiatives to boost per-store sales have yet to yield returns, which echoes our view that Lawson is in a less favorable position to compete with the top two players. We have made marginal changes in our forecasts but maintained our fair value estimat...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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