Regime Change for U.K. Grocers; Channel and Strategic Growth Exposures Determine Winners and Losers
After taking a fresh look at the three U.K. grocers under our coverage and rolling our models forward, we are raising our fair value estimate for Tesco to GBX 230 per share from GBX 144, while reducing that for Sainsbury’s to GBX 231 from GBX 317 and leaving that for Morrisons unchanged at GBX 202. Although we are maintaining our no-moat ratings for the group, we change our previously stable trend rating for Sainsbury’s to negative and reiterate Tesco’s stable and Morrisons' negative trend ratin...J Sainsbury is principally engaged in food, general merchandise and clothing retailing and financial services. Co. is organized into four operating segments: Retail (Food), which provides a range of food, including organic produce; Retail (General Merchandise and Clothing), which provides a range of products across home, clothing, technology and leisure; Financial Services (Sainsbury's Bank plc and Argos Financial Services entities), which provides products such as credit cards, insurance, travel money and personal loans; and Property Investment (The British Land Company PLC and Land Securities Group PLC joint ventures). At Mar 11 2017, Co. had 605 supermarkets and 806 convenience stores.
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