Wesfarmers’ Subdued Supermarket Growth Leaves our Investment Thesis Intact; FVE Unchanged at 39 AUD
Narrow-moat-rated Wesfarmers’ reported retail sales results and coal production for the third quarter of fiscal 2017. Reported sales figures across all retail business are in line with our estimates for the full year. We reiterate our fair value estimate of AUD 39 per share, with shares trading at a 11% premium to our intrinsic assessment at current prices.ÂThe Coles supermarket business continues to battle with weak growth. Headline sales growth in food and liquor was a meagre 1.2% during the ...
Wesfarmers is engaged in the retailing operations including supermarkets, merchandise and department stores, fuel, liquor and convenience outlets; retailing of home improvement and outdoor living products and supply of building materials; retailing of office and technology products; coal mining and production; gas processing and distribution; industrial and safety product distribution; and chemicals and fertilisers manufacture; and investments. Co.'s retail operations includes Coles, which operates Coles Supermarkets, Coles Express, Liquorland, Vintage Cellars, First Choice Liquor, and Spirit Hotels, among others; while its departmental operations include Kmart and Target retailers.
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