Kroger Sells Convenience Stores; Shares Fairly Valued
Narrow-moat Kroger concluded the strategic review of its convenience store segment, which began in October, by announcing the sale of these outlets to EG Group for $2.15 billion. The deal is slated to close in the first quarter of fiscal 2018. We estimate Kroger’s convenience stores generate $255 million in EBITDA, implying a sale price of 8.5 times EBITDA; this assumes a margin rate of 6.5% on around 4% of the firm’s total sales of $120 billion. However, we had anticipated a sale could have fet...
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