ICA reported Q3 sales in line with expectations, but an EBIT beat, driven primarily by a faster recovery for Apotek Hjärtat. However, we believe ICA continues to face intensified competition, market-share pressure, and unfavourable price positioning. We reiterate our SELL but have increased our target price to SEK375 (370) given upward EBIT revisions.
The independent financial analyst theScreener just lowered the general evaluation of ICA GRUPPEN (SE), active in the Food Retailers & Wholesalers industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date October 19, 2021, the closing price was SEK 404.10 and ...
Tomorrow marks one year since we initiated on ICA. Despite the share being down 11% over the past year, the valuation still looks stretched to us, and we see material downside risk in 2022. In addition, near-term we believe ICA will face growing structural headwinds from intensifying competition, market-share pressure and unfavourable price positioning, and we reiterate our SELL and SEK370 target price.
ICA reported Q2 sales in line with expectations but an EBIT beat, driven in part by one-off pandemic-related effects for Rimi Baltic and a strong recovery in the Swedish pharmacy market supporting strong results for Apotek Hjärtat. However, we believe ICA continues to face intensified competition, market-share pressure, and unfavourable price positioning. We reiterate our SELL and our SEK370 target price.
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....
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