Report
Adam Kindreich, CFA
EUR 147.86 For Business Accounts Only

Half-Year Results Confirm Turnaround Is Under Way

No-moat Wm Morrison Supermarkets reported half-year results to end July 2016 showing continuing progress in like-for-like sales, which have been positive for the past three quarters, accompanied by significant margin expansion, brought about by stringent cost-saving measures. Net debt levels are also lower than guidance, so overall, the figures confirm that Morrison's turnaround is under way. Our fair value estimate remains under review.
The like-for-like sales performance is encouraging, as sal...
Underlying
Wm Morrison Supermarkets plc

Morrisons (Wm) Supermarkets is engaged in the grocery retailing in the U.K. Through its subsidiaries, Co.'s principal activities include include the acquisition of food products, property management, maintenance and investment, manufacturing and distributing of food products, insurance captive, preparation and supply of seafood, meat processing, manufacturing of morning goods and bread, produce packer and purchaser, grocery retailer and pharmaecutical license holder. As of Jan 29 2017, Co. operated a total of 491 stores, 334 petrol filling stations, 401 cafes and 118 pharmacies.

Provider
Morningstar
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.

Analysts
Adam Kindreich, CFA

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