reports
- Victor Dima
Pick n Pay Ltd (Hold, TP ZAR 70.1/share) FY 17A results imply improvin...
​Pick n Pay Ltd (HOLD, TP ZAR 70.1/share) - FY 17A results reviewFY 17A results imply improving trading margin, but weak top-line growth HEPS: +18.0% y/y to ZAR 2.64/share within the company’s guided range of (ZAR 2.58 – 2.69/share), ahead of ACe: ZAR 2.52/share driven by strong cost discipline, but slightly below BBG consensus ZAR 2.67/share. EBIT: +17.0% y/y to ZAR 1.7bn (ACe: +12.1% y/y to ZAR 1.7bn) slightly below BBG consensus: 19.1% y/y to ZAR 1.8bn.EBIT Margin: +20bps y/y to 2.3% (A...
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