Walgreens Boots Alliance (WBA): Prescription for Growth; $68 FVE
We assign Walgreens Boots Alliance a narrow moat arising from cost advantage with a negative trend rating. We lower our fair value estimate to $68 per share from $73. We believe Walgreens will be able to leverage scale and foster beneficial partnerships to better utilize its stores, abate commodity pricing pressure, and offset negative reimbursement trends.Walgreens is the leading pharmacy retailer with significant scale generating nearly $140 billion in revenue and dispensing over a billion pr...
Walgreens Boots Alliance is a holding company. Through its subsidiaries, the company is engaged in retail and wholesale pharmacy. The company's operations are organized into three divisions, which are also its reportable segments: Retail Pharmacy USA; Retail Pharmacy International; and Pharmaceutical Wholesale. The Retail Pharmacy USA division has pharmacy-led health and beauty retail offerings. The Retail Pharmacy International division has pharmacy-led health and beauty retail businesses. The Pharmaceutical Wholesale division, which mainly operates under the Alliance Healthcare brand, supplies medicines, other healthcare products and related services to pharmacies, doctors, health centers and hospitals.
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