Metcash: Result 2016

Metcash appears to have stabilised its business, but it's hard to foresee any improvement.

Metcash has been through the wringer since we recommended selling almost four years ago in The Metcash earnings hole on 31 Aug 12 (Sell – $3.69). The hole that we warned about back then has turned into a chasm, with operating profits from the Food and Grocery business more than halving from $398m in 2012 to the $180m announced yesterday for 2016. As a result, underlying earnings per share have tumbled from 34 cents to 19 cents and the dividend has been axed. The share price has almost halved to $1.92 (after falling as low as a dollar).

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