A big store network and impressive value offering doesn't offset the lack of competitive advantages
We have transferred coverage of Super Retail Group within the Morningstar Analyst Team. We reaffirm our current forecasts and our DCF-based fair value estimate of AUD 8.30 per share, as well as our no-moat and high uncertainty ratings. At current share prices, Super Retail Group is fairly valued, trading at a 4% premium to our fair value estimate and a fiscal 2016 P/E multiple of 12.4 times.The firm is currently advancing the restructuring of its Ray’s Outdoors business, where the closure or r...
Super Retail Group's main activities are result in the following business segments: Auto, which include retailing of auto parts and accessories, tools and equipment; Leisure, which include retailing of boating, camping, outdoor equipment, fishing equipment and apparel; and Sports, which include retailing of sporting equipment, bicycles, bicycles accessories and apparel. Co.'s principal brands include Amart Sports for sports products such as equipment, apparel and associated accessories; BCF for an outdoor retailer; Rays for an outdoor entertainment and camping leisure retailer; Rebel for sporting and goods such as fitness equipment; and Supercheap Auto for automotive parts and accessories.
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