Sainsbury’s Full-Year Results Show Continued Share Losses to Discounters; Maintaining FVE
We do not expect to make a material change to our GBP 317 fair value estimate for no-moat Sainsbury after reviewing the firm’s full-year 2016-17 results. Overall group results were mainly in line with our expectations, although Argos boosted the top-line results more than we had expected. Sainsbury’s shares trade at a discount to our fair value, but they are still in 3-star territory. Given the intensity of price competition in the U.K. grocery market, we think that investors should wait for a g...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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