Tesco Reports Preliminary 2016-17 Results; Shares Trading Above Fair Value
We are maintaining our GBP 144 fair value estimate for no-moat Tesco after reviewing its preliminary fiscal 2016-17 results, which were slightly disappointing. Despite the April 12 sell-off after the report, we continue to regard the shares as a little overvalued.Tesco’s full-year sales, at constant exchange rates, were up 1.1% to GBP 49.9 billion, with positive volume growth in both United Kingdom/Ireland and international. Sales in all reporting segments (U.K./Ireland, international, and ban...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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