Loblaw Prepares for 2018; Shares a Tad Overvalued
No-moat Loblaw’s third-quarter results offered little surprise, in our view, but the company faces healthcare reform that’s expected to affect the business starting in 2018. We plan to maintain our CAD 60 fair value estimate and long-term assumptions that call for 2.6% top-line growth and 5.8% adjusted operating margins, which incorporate our expectations for drug pricing pressure resulting from regulatory changes (we see consolidated gross margins down 40 basis points next year). Beyond healthc...Loblaw is a Canadian food distributor and provider of general merchandise, drugstore and financial products and services. Traditional food offerings remain at the core of Co.'s business. Co. operates conventional, superstore, and hard discount stores. Co. offers products through control label program with famous brands including President's Choice, no name and Joe Fresh Style. Co. also offers President's Choice Financial services and offers the PC points loyalty program.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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