Super Retail Group Floats the Boat by Treading Water; FVE Unchanged at AUD 7.20
No-moat-rated Super Retail calmed investors’ nerves by guiding to flat year-on-year group EBIT margins for fiscal 2018, excluding a contribution of AUD 5 million from the Macpac acquisition, which closed in early April. We maintain our group EBIT estimate of AUD 213 million, or AUD 208 million excluding Macpac, equating to an underlying group margin of 8.3%, 10 basis points lower than in fiscal 2017. At a group EBIT margin of 8.4%, in line with company guidance, we estimate EBIT increases by 2% ...
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