Morningstar - Metcash Limited (MTS) Metcashs Share Buyback Expected to Be Neutral to Our AUD 2.40 FVE

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Morningstar

Johannes Faul

Metcash's Share Buyback Expected to Be Neutral to Our AUD 2.40 FVE

Shares in no-moat Metcash remain overvalued following its full-year results, which were broadly in line with our estimates, and we maintain our long-term outlook for the firm's three individual business units: food, liquor, and hardware. Metcash announced an off-market buyback of AUD 125 million following a review of its capital management options, which was kicked off after CEO Jeff Adams took the helm in December. The final buyback price is yet to be determined, but on our preliminary estimate...

25/06/2018 13 EN

Underlying

Metcash Limited

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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AU000000MTS0 Australian Securities Exchange Australia

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Johannes Faul

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Metcash's Share Buyback Expected to Be Neutral to Our AUD 2.40 FVE

Metcash Limited: 2 directors

Monthly LMI Update Independent Investment Research

A double requalification allows METCASH to improve to Positive

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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