Super Retail Group FVE Cut After Reassessing of Competitive Dynamics
We cut our fair value estimate of Super Retail to AUD 7.70 from AUD 9.00, driven by a more muted outlook on sporting goods and leisure segments, partially offset by a more optimistic view on the auto parts business. Amazon is poised to shake up the Australian retail landscape in most categories when it commences its operations sometime during the next 12 months, and Super Retail is not immune. We expect competition to intensify across all the group’s segments, resulting in price cutting, lower m...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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