Woolworths Continues to Take Market Share in Food as Expected; FVE Unchanged at AUD 23.50
Narrow-moat Woolworths Group’s year-to-date sales growth of 3.9% is tracking broadly in-line with our full-year forecast of 3.8%. We estimate year-to-date total sales growth was about 3.6% after adjusting for an earlier Easter, which boosted third-quarter sales at supermarkets, liquor stores, and BIG W department stores versus the previous corresponding period. We maintain our fiscal 2018 EPS estimate of AUD 1.36 per share and our fair value estimate of AUD 23.50. Shares are overvalued, trading ...Woolworths Group is organized into five segments: Australian Food and Petrol, which involves the procurement of food and petroleum products for resale to customers in Australia; New Zealand Supermarkets, which involves the procurement of food and liquor and products for resale to customers in New Zealand; Endeavour Drinks Group, which involves the procurement of liquor products for resale to customers in Australia; BIG W, which involves the procurement of discount general merchandise products for resale to customers in Australia; as well as Hotels, which involves the provision of leisure and hospitality services, accommodation, entertainment and gaming in Australia.
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