Super Retail’s Market Leadership Is No Moat Against Margin Compression; We Lower our FVE to AUD 7.20
We were expecting Super Retail Group to face margin pressure and struggle to grow its store network given the increase in competition and migration of its customers to the online channel. This is reflected in our view the group lacks an economic moat. But despite our already muted longer-term outlook, we were still negatively surprised by the first-half fiscal 2018 like-for-like sales figures and operating margins across all three segments. We reduce our fair value estimate to AUD 7.20 from AUD ...
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