Tesco's CMD Offers a Glimpse Into the Grocer's Future But No Formal Guidance Given
Tesco hosted its capital markets day, or CMD, on June 18 and shared some of its "untapped value opportunities". Although presentations were focused on Tesco's longer-term growth and margin opportunities, management didn't give a formal guidance, except for the GBP 2.5 billion revenue aspiration for Booker, which management reiterated. Given this mostly in-line CMD, we maintain our FVE of GBP 253 per share and no-moat rating.On top-line growth, Tesco offered more detail about the drivers of the ...
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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