A director at Metcash Limited bought 25,000 shares at 3.410AUD and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
METCASH (AU), a company active in the Food Retailers & Wholesalers industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 4 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Positive. As of the analysis date July 6, 2021, the closing price was AUD 3.80 and its...
No-moat-rated Metcash reported a broadly in line fiscal 2019 financial result, with underlying group EBIT only 2% short of our expectations. We maintain our capital expenditures and operating profit estimates for the group. Nevertheless, our fair value estimate increases by 4% to AUD 2.50 due to the time value of money. Leading up to the full fiscal year 2019 results, investors were clearly anticipating better numbers. Metcash’s stock price declined by 10% on the announcement but shares still ...
No-moat-rated Metcash reported a broadly in line fiscal 2019 financial result, with underlying group EBIT only 2% short of our expectations. We maintain our capital expenditures and operating profit estimates for the group. Nevertheless, our fair value estimate increases by 4% to AUD 2.50 due to the time value of money. Leading up to the full fiscal year 2019 results, investors were clearly anticipating better numbers. Metcash’s stock price declined by 10% on the announcement but shares still ...
No-moat-rated Metcash reported a broadly in line fiscal 2019 financial result, with underlying group EBIT only 2% short of our expectations. We maintain our capital expenditures and operating profit estimates for the group. Nevertheless, our fair value estimate increases by 4% to AUD 2.50 due to the time value of money. Leading up to the full fiscal year 2019 results, investors were clearly anticipating better numbers. Metcash’s stock price declined by 10% on the announcement but shares still ...
A much-mooted concern of investors in the Australian retail sector is the potential of a more pronounced decline in consumer spending on account of the weak housing market or perhaps even a wider-spread slowdown in economic activity--such as a recession. Australians have been dodging the bullet for a record-breaking 106 quarters but at some point, this lucky streak must come to an end. We avoid the futile exercise of predicting the timing of the next Australian recession and we aren't forecastin...
A much-mooted concern of investors in the Australian retail sector is the potential of a more pronounced decline in consumer spending on account of the weak housing market or perhaps even a wider-spread slowdown in economic activity--such as a recession. Australians have been dodging the bullet for a record-breaking 106 quarters but at some point, this lucky streak must come to an end. We avoid the futile exercise of predicting the timing of the next Australian recession and we aren't forecastin...
We maintain our fair value estimate of AUD 2.40 for no-moat-rated Metcash following the company's investor day. Management provided more detail on Mfuture, a five-year programme that will supersede the current Working Smarter programme. Over the next five years, the company plans to spend AUD 300 million in capital investments for growth initiatives envisioned by Mfuture, over and above a baseline of AUD 60 million in annual maintenance spending. This is slightly more expenditure, and over a sho...
We maintain our fair value estimate of AUD 2.40 for no-moat-rated Metcash following the company's investor day. Management provided more detail on Mfuture, a five-year programme that will supersede the current Working Smarter programme. Over the next five years, the company plans to spend AUD 300 million in capital investments for growth initiatives envisioned by Mfuture, over and above a baseline of AUD 60 million in annual maintenance spending. This is slightly more expenditure, and over a sho...
We maintain our fair value estimate of AUD 2.40 for no-moat-rated Metcash following the company's investor day. Management provided more detail on Mfuture, a five-year programme that will supersede the current Working Smarter programme. Over the next five years, the company plans to spend AUD 300 million in capital investments for growth initiatives envisioned by Mfuture, over and above a baseline of AUD 60 million in annual maintenance spending. This is slightly more expenditure, and over a sho...
No-moat rated Metcash’s network of independent grocers continues to lose market share, in line with our expectations. Stronger-than-expected liquor sales were offset by lower hardware sales in the first half of fiscal 2019, and our full-year revenue estimate for the group remains virtually unchanged. We also maintain our EBIT margin estimates and reiterate our AUD 2.40 fair value estimate. Despite the retreat in the share price following the results announcement, shares screen as slightly over...
No-moat rated Metcash’s network of independent grocers continues to lose market share, in line with our expectations. Stronger-than-expected liquor sales were offset by lower hardware sales in the first half of fiscal 2019, and our full-year revenue estimate for the group remains virtually unchanged. We also maintain our EBIT margin estimates and reiterate our AUD 2.40 fair value estimate. Despite the retreat in the share price following the results announcement, shares screen as slightly over...
No-moat rated Metcash’s network of independent grocers continues to lose market share, in line with our expectations. Stronger-than-expected liquor sales were offset by lower hardware sales in the first half of fiscal 2019, and our full-year revenue estimate for the group remains virtually unchanged. We also maintain our EBIT margin estimates and reiterate our AUD 2.40 fair value estimate. Despite the retreat in the share price following the results announcement, shares screen as slightly over...
No-moat rated Metcash’s network of independent grocers continues to lose market share, in line with our expectations. Stronger-than-expected liquor sales were offset by lower hardware sales in the first half of fiscal 2019, and our full-year revenue estimate for the group remains virtually unchanged. We also maintain our EBIT margin estimates and reiterate our AUD 2.40 fair value estimate. Despite the retreat in the share price following the results announcement, shares screen as slightly over...
We upgrade Wesfarmers’ economic moat rating to wide from narrow following the demerger of the no-moat-rated Coles segment. Our wide moat rating is chiefly underpinned by the highly profitable and market-leading Bunnings hardware business, the key earnings contributor of Wesfarmers post-demerger. We’ve updated our fair value estimate for Wesfarmers on a standalone basis to AUD 29.00 per share. Together with our AUD 13.30 per share fair value estimate for Coles, we value the combined entities...
We upgrade Wesfarmers’ economic moat rating to wide from narrow following the demerger of the no-moat-rated Coles segment. Our wide moat rating is chiefly underpinned by the highly profitable and market-leading Bunnings hardware business, the key earnings contributor of Wesfarmers post-demerger. We’ve updated our fair value estimate for Wesfarmers on a standalone basis to AUD 29.00 per share. Together with our AUD 13.30 per share fair value estimate for Coles, we value the combined entities ...
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