Sainsbury’s HRG Integration On Track; Shares Undervalued
After reviewing Sainsbury’s interim results for the 28 weeks to Sept. 23, 2017, we are maintaining our fair value estimate at GBX 317, along with our no-moat rating. Although top-line growth was ahead of our estimates, competition on price and discounters' success in gaining market share persist. The shares are currently trading in the 4-star territory.Including Argos in base, group retail sales increased by 1.9% (excluding fuel), driven by grocery (2.3% sales growth, excluding Pharmacy) and cl...
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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