Woolworths' Sale of Petrol Positive but Immaterial; Improved Balance Sheet, Supermarkets Funding
Narrow moat-rated Woolworths entered into a binding agreement to sell its petrol business of 527 existing sites, including 16 sites currently under construction, to BP for AUD 1.8 billion, an attractive price in our view. We expect the deal to proceed as planned and to be completed at the beginning of second half fiscal 2018, but both the positive impact on our DCF-based valuation and the earnings dilution are immaterial and we reiterate our fair value estimate of AUD 22 per share. Management in...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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