Metcash’s Weak Outlook Prevails, but as Expected. We Increase Our FVE to AUD 2.50
No-moat-rated Metcash reported a broadly in line fiscal 2019 financial result, with underlying group EBIT only 2% short of our expectations. We maintain our capital expenditures and operating profit estimates for the group. Nevertheless, our fair value estimate increases by 4% to AUD 2.50 due to the time value of money. Leading up to the full fiscal year 2019 results, investors were clearly anticipating better numbers. Metcash’s stock price declined by 10% on the announcement but shares still sc...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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