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Woolworths Limited (WOW) |
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| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 25.790 |
$ 25.560 |
$ 25.830 |
$ 25.520 |
$ 25.560
|
7,215,585 |
$ 0.230 0.900 %
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
30th Jul 2010 |
| 12 Month Target Price (average) : |
$29.471 |
| Brokers Surveyed : |
10 |
|
| % of Market: |
2.4905 |
| % of Sector: |
47.0284 |
| Sector: |
Consumer Staple |
| Industry Group: |
Food & Staples Retailing |
| Industry: |
Food & Staples Retailing |
|
|
 |
|
|
| Company Overview |
| Woolworths (WOW) is a retailer with primary activities in Supermarkets - Food & Liquor - these represent 84% of group sales and EBIT. Other operations include: BIGW discount department stores; Consumer Electronics through Dick Smith, Powerhouse and Tandy; Petrol through the Woolworths/Caltex alliance; and Hotels following an active acquisition program. Supermarkets are also operated in New Zealand trading under the Progressive Supermarkets banner which are being re-badged Woolworths. |
| Company History |
| WOW has grown organically and through acquisitions since early this century. The business base focuses on supermarkets (over 80% of sales and trading profits). Discount department stores provide over 10% of sales and profits. The balance is mostly generated by Dick Smith Electronics. WOW has also entered petrol retailing. The group has placed an increased emphasis on capital management, the benefits of which are being realised through improved shareholder returns. |
| Differentiating Factor |
| WOW has a strong market share, 30% of the Australian food, liquor and grocery market, and resultant substantial buying power. Big W has a clear market position and its "everyday low prices" approach has been well received by value-conscious customers. |
| Major Customers & Competitors |
| WOW's supermarkets target a broad spectrum of Australian consumers. Through its "everyday low prices" strategy, Big W appeals to price-conscious customers. Dick Smith Electronics targets the middle-income segment of the market . The major competitor is CML, an independent retailer (serviced by MTS). Competition in grocery retailing has increased through the expansion of Action and the entry of foreigners Aldi and Pick 'n Pay. HVN is a major competitor in a fragmented electronic retailing market. |
|
Year to Jun
|
NPAT
Rep $M |
NPAT1
Adj $M |
EPS
c |
EPS chg
% |
PER
x |
PER rel
All Ords x |
PER rel
Sector x |
DPS
c |
Yield
% |
Franking
% |
ROE
% |
| 2007A |
1,294 |
1,294 |
107.8 |
19.4 |
23.9 |
n/a |
n/a |
74.0 |
2.9 |
100.0 |
24.5 |
| 2008A |
1,627 |
1,627 |
133.6 |
23.9 |
19.3 |
n/a |
n/a |
92.0 |
3.6 |
100.0 |
27.1 |
| 2009A |
1,836 |
1,836 |
149.7 |
12.1 |
17.2 |
1.6 |
1.5 |
104.0 |
4.0 |
100.0 |
27.0 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| Woolworths |
WOW |
$25.79 |
$31,752M |
17.6097 |
15.6000 |
12.0900 |
10.2000 |
3.9500 |
4.4000 |
| Wesfarmers Ltd |
WES |
$31.09 |
$31,251M |
13.2751 |
20.9000 |
0.1000 |
-13.0000 |
4.8600 |
3.5000 |
| Metcash Ltd |
MTS |
$4.45 |
$3,407M |
14.0969 |
12.7074 |
11.3200 |
8.2700 |
5.7700 |
6.4000 |
| AWB Limited |
AWB |
$0.99 |
$809M |
4.9793 |
10.0853 |
-27.2779 |
-50.6280 |
0.0000 |
0.0000 |
| Woolworths Notes |
WOWHB |
$98.10 |
$588M |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
|
| WOW |
-4.8300 |
2.9800 |
-1.7200 |
| Sector |
1.1246 |
5.1572 |
4.9542 |
| Market |
-6.7540 |
-1.9465 |
7.4232 |
|
| P/E (x) |
FY07 |
23.9 |
n/a |
n/a |
|
FY08 |
19.3 |
n/a |
n/a |
| Yield (%) |
FY07 |
2.9 |
n/a |
n/a |
|
FY08 |
3.6 |
n/a |
n/a |
| EV/EBIT (x) |
FY07 |
(189115.3) |
n/a |
n/a |
|
FY08 |
(157107.3) |
n/a |
n/a |
| EV/EBITDA (x) |
FY07 |
(147920.0) |
n/a |
n/a |
|
FY08 |
(125162.0) |
n/a |
n/a |
|
| Dr R Deane |
Director |
| D J Grady |
Director |
| L M L`Huillier |
Director |
| J Strong |
Chairman |
| J Astbury |
Director |
| A Watkins |
Director |
| I Macfarlane |
Director |
| M Luscombe |
MD & CEO |
| T Pockett |
Director |
|
| M Luscombe |
MD & CEO |
| T Pockett |
CFO |
| Mr P Smith |
GM Supermarkets |
| Mr M Hamnet |
GM Big W, Director Gen Merchandise |
| Mr G Foran |
GM Dick Smith/Tandy |
|
| No substantial shareholders registered |
|
| 23-Apr-2010 |
Dividend Date Payable for Half Yearly Result
(53c 100% franked)
|
| 26-Mar-2010 |
Dividend Record Date for Half Yearly Result
(53c 100% franked)
|
| 22-Mar-2010 |
Dividend Ex-Dividend Date for Half Yearly Result
(53c 100% franked)
|
| 26-Feb-2010 |
Reporting Date for Half Yearly Result |
| 26-Nov-2009 |
AGM Date for Final Year Result |
|
|
Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
|
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