We Remain on the Sidelines as Threats Loom for Canadian Grocers Over the Next Decade
While we’ve reassessed our assumptions for the Canadian grocery space, we haven’t wavered on our stance that the landscape is highly competitive, leaving us with little confidence in the ability of Loblaw, George Weston (which owns 47% of Loblaw’s outstanding shares), or Metro to generate sustainable returns on invested capital over the next decade. As such, we are reiterating our no-moat ratings for all three operators.These three firms held close to 90% of the Canadian market a decade ago bu...
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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