In recovery mode, Tesco's margins and ROIC will improve but fail to attain past peaks.
We are reinitiating coverage of the three listed U.K. food retailers--Tesco, J Sainsbury and Morrisons--following a change of analyst. Only Tesco is international (22% of sales, 33% of EBIT), as the other two currently have stores in the United Kingdom only. All three are no-moat companies, in line with our moat ratings across the food retail industry. We believe the intense competitive pressure in the U.K. market with growing online penetration and structural increases in market share for hard ...Tesco is a retailer. Co. and its subsidiaries are engaged in retailing and associated activities in the U.K. and Republic of Ireland; and Czech Republic, Hungary, Poland, Slovakia, Malaysia, and Thailand. Co. provides retail banking and insurance services through Tesco Bank in the U.K. Co. sells and services of motor and home insurance policies underwritten by Tesco Underwriting Limited, or in a minority of cases by a third-party underwriter. As of Feb 25 2017, Co. had a total of 6,809 stores worldwide, including 256 franchised stores.
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