Regime Change for U.K. Grocers; Channel and Strategic Growth Exposures Determine Winners and Losers
After taking a fresh look at the three U.K. grocers under our coverage and rolling our models forward, we are raising our fair value estimate for Tesco to GBX 230 per share from GBX 144, while reducing that for Sainsbury’s to GBX 231 from GBX 317 and leaving that for Morrisons unchanged at GBX 202. Although we are maintaining our no-moat ratings for the group, we change our previously stable trend rating for Sainsbury’s to negative and reiterate Tesco’s stable and Morrisons' negative trend ratin...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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