Morrisons Reports In-Line 1Q Sales With Guidance Reaffirmed; Shares Rich
No-moat Wm Morrison reported first-quarter 2018 (13 weeks to May 6) group like-for-like sales excluding fuel up 3.6% with equal contributions from retail and wholesale channels (positive 1.8% each), broadly in line with our estimates. Although top-line growth was somewhat higher than consensus, management reiterated guidance for the full year (including annualised wholesale supply sales of more than GBP 700 million by the end of 2018). We maintain our GBX 202 fair value estimate (20% below the c...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.
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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