Metcash Investor Day Exhibits Management’s Quality and Hardware’s Potential
Morningstar attended no-moat-rated Metcash’s Investor Day which focused on its hardware division, Independent Hardware Group, or IHG. An analyst briefing was followed by site visits to five stores across a wide spectrum of brands and ownership structures. We were impressed by the breadth and depth of management expertise, and the potential of the hardware business. However, we remain cautious on the outlook for Metcash’s core food and grocery business. We reiterate our fair value estimate of AUD...Metcash is a wholesaler and distributor, supplying and supporting independent retailers across the food, grocery, liquor and hardware industries. Co.'s reportable segments are as follows: Food and Grocery, which comprises the distribution of dry grocery, perishable and general merchandise supplies to retail outlets; Liquor, which comprises the distribution of liquor products to retail outlets and hotels; as well as Hardware, which comprises the distribution of hardware supplies to retail outlets and trade customers.
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