Primaresearch - Woolworths Holdings Limited (10G4) Woolworths (WHL) - Weighed Down Under

Report

Primaresearch

Shamil Ismail

EUR 169.30 For Business Accounts Only

Woolworths (WHL) - Weighed Down Under

We argue that in view of the significance of private label in the initial investment case for the David Jones acquisition, and management’s admission that the private label performance was disappointing, a revised investment case for the DJ acquisition should be presented. We believe an updated investment case will be key in assessing the appropriateness of the carrying value of the ZAR8.8bn goodwill arising from the acquisition.

31/08/2017 14 EN

Underlying

Woolworths Holdings Limited

Woolworths Holdings is a retail company. Co.'s divisions include: Woolworths South Africa, David Jones (DJ), and Country Road Group (CRG). The Woolworths South Africa division is a retailer offering private label products. Co.'s offering include a range of clothing and general merchandise, food products, and financial services. The DJ division is a premium department stores. Co.'s offering include a range of private label brands in women's-wear, men's-wear, shoes, accessories, beauty, children's-wear, home furnishings, general merchandise and food as well as financial services. The CRG division is an apparel retailer. Co.'s offering include apparel, accessories, footwear and home-ware.

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ZAE000063863 Johannesburg Stock Exchange South Africa

Provider

Primaresearch

Primaresearch is an independent, sell-side, equity research firm based in Cape Town, South Africa. We focus our research on consumer-facing companies as we have credible experience in this space. The name “primaresearch” invokes both high quality (prime) as well as “primary” research – being novel and offering value-add investment insights for our clients.

Our Vision

Our vision is to be the leading independent sell-side research firm in Africa. While we start with South Africa, we are looking into providing our clients with comprehensive, Africa-wide consumer-facing company and market research. Africa is poised to emerge as a significant consumer market, for which investors in South Africa and abroad will require thorough research and insights on. We aim to be the “go-to” research firm for these investors.

Our Culture

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Analysts

Shamil Ismail

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