Metcash’s Competition Won’t Falter When Coles Splits from Wesfarmers. FVE Unchanged at AUD 2.40
Wesfarmers’ plan to demerge Coles, is unlikely to significantly alter the level of competition in the Australian grocery-and-liquor and hardware sectors, in which Metcash is the number three and two player. We maintain our AUD 2.40 fair value estimate, with shares screening as overvalued at current prices.The restructure of Wesfarmers, still subject to shareholder approval, splits the highly profitable Bunnings business, the market leader in home improvement, from the slow-growing Coles superma...
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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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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