Kroger Remains on Track to Hit Our Targets After Its First Quarter; Shares Attractive
We do not plan a large change for our $28.50 per share valuation for narrow-moat Kroger after it posted first-quarter earnings that leave it on pace to meet our full-year targets. We similarly do not anticipate altering our long-term outlook, calling for low-single-digit top-line growth against 4% adjusted EBITDA margins on average over the next 10 years. We see the shares as somewhat attractive, with patient investors willing to wait for Kroger’s efficiency improvement efforts to take hold like...Kroger operates as a retailer. The company also manufacture and process some of the food for sale in its supermarkets. Supermarkets are operated under one of the following formats: combination food and drug stores (combo stores); multi-department stores; marketplace stores; or price impact warehouses. The combo stores provide food and organic sections, pharmacies, general merchandise, pet centers and perishables such as seafood and organic produce. Marketplace provide grocery, pharmacy and health and beauty care departments as well as perishable offering and general merchandise area that includes apparel, home goods and toys.
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