Metcash’s Strong Hardware and Liquor Offset Muted Supermarket Outlook; FVE Increased to AUD 2.40
No-moat Metcash reported a solid first-half fiscal 2018 result, and we increase our fair value estimate by 7% to AUD 2.40 per share. Hardware is the standout, with better-than-expected sales, lower working capital, and improved guidance on synergy benefits. The balance sheet continued to strengthen with a net cash position of AUD 14 million, providing the company with strategic flexibility. We have increased our long-term payable days assumption to 42 from 40 previously, on par with Woolworths a...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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