Sainsbury's Proposed Merger With Asda Mutually Beneficial but CMA's Investigation Raises Uncertainty
After taking a deeper look at Sainsbury’s proposed merger with Asda, and given that we think a favourable decision by the Competition and Markets Authority is more likely than not (though we do not have a strong opinion on the final outcome), we’re increasing our fair value estimate to GBX 360 from GBX 231 per share and our uncertainty rating to very high from high. We maintain our no-moat rating.However, if a deal fails to materialise, owing to the CMA making an unfavourable decision or demand...
J Sainsbury is principally engaged in food, general merchandise and clothing retailing and financial services. Co. is organized into four operating segments: Retail (Food), which provides a range of food, including organic produce; Retail (General Merchandise and Clothing), which provides a range of products across home, clothing, technology and leisure; Financial Services (Sainsbury's Bank plc and Argos Financial Services entities), which provides products such as credit cards, insurance, travel money and personal loans; and Property Investment (The British Land Company PLC and Land Securities Group PLC joint ventures). At Mar 11 2017, Co. had 605 supermarkets and 806 convenience stores.
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