Metcash’s Appointment of New CEO Gives Clarity on Succession, but Intense Competition Won’t Stall
The appointment of Jeff Adams as new CEO removes the uncertainty around the company’s leadership, after the announcement just a fortnight prior that current CEO Ian Morrice had decided to retire. However, the competitive pressures remain, especially in the core food segment which generates over 60% of group earnings. We continue to view no-moat-rated Metcash’s shares as overvalued at current prices, and our fair value estimate unchanged at AUD 1.90 per share.In the near term, Metcash is exposed...
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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