The Warehouse Group Flags Near-Term Transitioning Pain for Long-Term Gain
We have slightly trimmed our fair value estimate on no-moat-rated Warehouse Group by 4% to NZD 2.50, due to lower-than-expected sales growth and slightly higher capital expenditures, largely offset by higher operating margins. At the current share price of around NZD 2.00, the shares screen as undervalued.Same-store sales slowed in the fourth quarter of fiscal 2017, and we have lowered our fiscal 2018 sales growth estimate to 2% from 4% previously. The general election and stagnating house pric...
The Warehouse Group is an office retailing group based in New Zealand. Co. is engaged in general retail in both the domestic small-office/home-office and small-to-medium size enterprise markets. Co. has two primary operating segments operating in the New Zealand retail sector. The operating segments are managed separately with their own management, stores and infrastructure. The Warehouse is predominantly a general merchandise and apparel retailer, with 87 stores located throughout New Zealand. The Warehouse Stationery is a stationery retailer, with 47 stores located throughout New Zealand.
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