We Increase Our FVE for Tesco to GBX 253 From GBX 230; Shares Cheap After Recent Pullback
After incorporating Tesco's fiscal 2019 interim results (including consolidation of Booker) and taking a fresh look at our underlying assumptions, we increase our fair value estimate for Tesco to GBX 253 from GBX 230. Our estimate implies a forward fiscal 2020 price/earnings ratio of 18 times and enterprise value/EBITDA ratio of 7 times. We still expect a 3.5% average operating margin (including Booker synergies) over the next five years.Our new fair value estimate reflects a more constructive ...
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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