TJX Should Continue to Perform and Build Its Footprint Despite Competition; Shares Fairly Valued
Although lackluster third-quarter profitability led us to trim our fair value estimate for narrow-moat TJX to $45 per share from $48, we have a favorable view of the business and its ability to deliver long-term returns. Across its apparel and home fashion banners, TJX features a fast-turning assortment of high-value items that should still draw customers despite retail's turmoil. We anticipate the firm will deliver mid-single-digit top-line growth and 11% adjusted operating margins, on average,...TJX Companies is an off-price apparel and home fashions retailer. The company's segments comprised of: Marmaxx, which sells family apparel (including footwear and accessories), home fashions (including home basics, decorative accessories and giftware) and other merchandise; HomeGoods, which provides a range of home fashions, including home fashions, including furniture, rugs, lighting, soft home, decorative accessories, tabletop and cookware as well as pet, kids and gourmet food departments; TJX Canada, which operates the Winners, HomeSense and Marshalls chains in Canada; and TJX International, which operates the T.K. Maxx and HomeSense chains in Europe and the T.K. Maxx chain in Australia.
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