Super Retail Group Results In Line With Our Expectations, and We Reiterate Our AUD 9 FVE
We retain our fair value estimate of AUD 9.00 for no-moat Super Retail Group following fiscal 2017 results. Underlying EPS of AUD 0.68 slightly exceeded our AUD 0.66 estimate. Management reiterated five-year financial targets for each segment, and their continued focus on investment in both physical and digital presence to bolster their omnichannel offering. We remain more pessimistic on EBIT margins than management’s long-term outlook due to expected headwinds in the evolving competitive enviro...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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