Woolworths' FVE Lowered to AUD 22 Following Review of Market Share and Margin Forecasts
We lower our fair value estimate on narrow moat-rated Woolworths to AUD 22 from AUD 28 per share, following a reassessment of our long-term forecasts on market share and margins in the Australian food industry. We no longer expect Woolworths to widen its margins towards the levels it had enjoyed up until recently, as the Australian supermarket sector has structurally changed with the reintroduction of the discount channel. Aldi is taking market share from the established supermarkets, intensifyi...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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