Wesfarmers' Supermarket Sales Improve, but Coles Still Losing Market Share
Sales growth for narrow-moat Wesfarmers’ individual retail businesses is tracking with our full-year estimates for fiscal 2018. We lift our fair value estimate to AUD 37.50 per share from AUD 37.00, owing to the time value of money. However, we still see structural headwinds facing the Coles food business and department store segment and shares screen as overvalued at current prices.The demerger of Coles is unlikely to materially alter the competitive dynamics in the Australian grocery industry...
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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