Corporate Action: Woolworths Buyback Could Appeal to Taxpayers Depending on Personal Circumstances
We expect narrow-moat Woolworths' buyback to be marginally dilutive to our valuation, given that it will probably be completed above our intrinsic value calculation. But we maintain our fair value estimate at AUD 24.50 per share due to the immateriality of the combined negative impacts of the dilutionary effect, slightly higher-than-expected losses at Big W in fiscal 2019, and the AUD 250 million in capital expenses to exit store leases mostly in fiscal 2021 and 2022.As widely assumed, Woolwort...
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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