Morningstar - Metro Inc. (MRU) Metro Lacks Competitive Advantage Amid Industry Headwinds

Report

Morningstar

Dan Wasiolek

EUR 100.00 For Business Accounts Only

Metro Lacks Competitive Advantage Amid Industry Headwinds

We plan to lift our Metro CAD 37 valuation around CAD 1 to account for the time value of money and a slightly more constructive out-year outlook for the company's pharmacy brand Jean Coutu (19% of total sales) that continues to see prescription growth of just over 2%, above the 1% long-term sales growth we currently estimate for the business. Our more constructive long-term stance on Jean Coutu is mitigated by the slightly stronger generic headwinds during the first half of fiscal 2019 (ending S...

22/04/2019 13 EN

Underlying

Metro Inc.

Metro is a food retailer and distributor that operates supermarkets, discount stores and drugstores in Canada. Co. operated 343 supermarkets under the Metro and Metro Plus banners, nine stores under the Adonis banner, and 213 discount stores under the Super C and Food Basics banners. Co. also acts as a distributor for medium-surface food stores and convenience stores. Co. also acts as franchisor and distributor for 181 franchised Brunet Plus, Brunet, Brunet Clinique, and Clini Plus drugstores, owned by independent pharmacists; and operated 73 drugstores under the Metro Pharmacy and Drug Basics banners. Co. also supplies non-franchised drugstores and various health centres.

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CA59162N1096 Toronto Stock Exchange Canada

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

Dan Wasiolek

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Metro Lacks Competitive Advantage Amid Industry Headwinds

Food Basics is joining communities across Ontario to ‘Celebrate! Share! Enjoy!’ this Ramadan

Moi Rewards Recognizes Inspiring Community Heroes Committed to Giving Back

Moi Rewards is Rewarding Five Ontarians for Making a Difference in Communities

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

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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