Tesco's Recovery On Track; Strong Cost Savings Help Margins Expand; Medium-Term Targets Reiterated
Tesco reported preliminary fiscal 2018 results for the 52 weeks to Feb. 24, 2018, with group sales growth at actual rates and excluding fuel up 2.3%, in line with our estimates. Despite an almost 6% stock price jump on the announcement, shares remain slightly below our GBX 230 fair value estimate, which is unchanged, as is our no-moat rating.There are two main takeaways we keep out of this earnings announcement: 1) reiteration of management's medium-term goals (GBP 1.5 billion cost savings, 3.5...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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