Wesfarmers’ FVE Drops to AUD 29 per Share and Its Moat Widens, as Coles Is Stripped
We upgrade Wesfarmers’ economic moat rating to wide from narrow following the demerger of the no-moat-rated Coles segment. Our wide moat rating is chiefly underpinned by the highly profitable and market-leading Bunnings hardware business, the key earnings contributor of Wesfarmers post-demerger.We’ve updated our fair value estimate for Wesfarmers on a standalone basis to AUD 29.00 per share. Together with our AUD 13.30 per share fair value estimate for Coles, we value the combined entities at A...
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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