Further Clarity on Proposed Coles Demerger Doesn't Change AUD 37.50 FVE for Wesfarmers
Narrow-moat Wesfarmers announced further details of the proposed demerger of Coles, now anticipated to be completed in November 2018. Expected net debt levels of AUD 2.0 billion for Coles are lower than our previous estimate of AUD 2.7 billion, and Wesfarmers intends to retain a 15% stake post-demerger, lower than our previous estimate of 20%. However, the changes are of little consequence to our unchanged Wesfarmers fair value estimate of AUD 37.50, as the shares are naturally not yet trading e...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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