Woolworths Posts Strong Core Sales Growth, Big W’s Losses to Increase; FVE Unchanged at AUD 22.50
Narrow-moat-rated Woolworths continued to achieve strong sales growth momentum in its core supermarkets business in the third quarter of fiscal 2017, contrary to direct competitor Coles. However, despite the operating leverage resulting from the strong top-line growth, EBIT margins are likely to remain under pressure in the near to medium term. We reiterate our fair value estimate of AUD 22.50 per share for Woolworths, with the stock currently trading at a 22% premium to our intrinsic assessment...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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