Loblaw's Digital Investments Help Mitigate an Ongoing Competitive Market; Shares Overvalued
No-moat Loblaw is seeing success with its ongoing and wise e-commerce investments within the intensely competitive grocery market environment. That said, we don't expect a material change to our CAD 55 valuation, as the company's 2018 0.2% sales growth was near our 0.7% forecast. We see shares as overvalued.Loblaw is seeing good progress on building out its e-commerce platform (now around 1% of total sales), and the company believes it is gaining digital share in Canada (unquantified). The comp...
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.
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