Metcash is the primary supplier of packaged groceries for many independent retailers.
We raise our fair value estimate for no-moat Metcash by 18% to AUD 2.25 from AUD 1.90, following a review of our long-term assumptions and the impact of the time value of money. Despite the lift to our intrinsic assessment, shares still screen as overvalued at current prices. The key changes were adjustments to our EBIT margin forecasts in the hardware business and capital expenditure estimates for the group. We still expect EBIT margins in the food segment to remain under pressure, averaging on...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.
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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