Metcash Remains the Weakest Player in the Australian Grocery Industry; FVE Unchanged at AUD 2.40
No-moat rated Metcash’s network of independent grocers continues to lose market share, in line with our expectations. Stronger-than-expected liquor sales were offset by lower hardware sales in the first half of fiscal 2019, and our full-year revenue estimate for the group remains virtually unchanged. We also maintain our EBIT margin estimates and reiterate our AUD 2.40 fair value estimate. Despite the retreat in the share price following the results announcement, shares screen as slightly overva...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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