Relaunching Coverage of Sun Art Retail With No-Moat Rating, Negative Trend, and FVE of HKD 6.2
We relaunch coverage of Sun Art Retail with a fair value estimate of HKD 6.2 per share and no-moat and negative moat trend ratings. Our fair value estimate implies adjusted fiscal 2017 P/E of 19.4 times and an enterprise value/adjusted EBITDA ratio of 5.8 times. It is based on a discounted cash flow analysis, with a weighted average cost of capital of 8.5%.We think an investment in Sun Art at the current stage would be speculative. The share price has increased by about 40% in the past two mont...
Sun Art Retail Group is an investment holding company, engaged in the operation of hypermarkets in the People's Republic of China (PRC), under two banners of Auchan and RT-Mart. As of Dec 31 2014, Co. had a total of 372 hypermarket complexes in China, with a total gross floor area of approximately 10,277,525 sq. m.
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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