Loblaw Remains in Competitive Crosshairs; Shares Rich
No-moat Loblaw closed fiscal 2017 with results that closely tracked our estimates and reinforced our thoughts about the market underestimating various competitive and financial threats. As a result, 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 (6.1% in fiscal 2016 for comparison) and recommend investors wait for a larger margin of safety.The various threats, including drug reform (expected to...
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