Corporate Action: Metcash's Buyback Could Appeal to Taxpayers - Dependent on Personal Circumstances
Coinciding with the release of its results on June 25, 2018, no-moat Metcash announced an off-market buyback of AUD 125 million.The buyback price will be between 8% and 14% below the five-day volume-weighted average price, or VWAP, to Aug. 10, 2018. We expect the buyback to be virtually value-neutral to Metcash, and we retain our AUD 2.40 fair value estimate. However, with much of the buyback price comprising a fully franked dividend, there could be material benefits to Australian tax payers wh...
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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