Woolworths’ Sales Growth Puts Coles' to Shame, but Rising Costs Gobble Up Operating Leverage
Woolworths’ two key business segments, food and liquor, together comprising 80% of group EBIT, continued to increase sales strongly, but the operating leverage expected from this growth was throttled by intense competition and investments in service. We maintain our fair value estimate at AUD 23.50 per share, with shares overvalued and trading on a price/earnings ratio of 20 at current prices.Woolworths continues to preside over greater sales momentum than Coles, but we forecast both major Aust...
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