Metcash

When we downgraded Metcash to Sell following its AGM update earlier this year, in The Metcash earnings hole on 31 Aug 12 (Sell – $3.68), we warned that ‘the underlying deterioration of the Supermarkets division is likely to become clearer over the course of this financial year’. So it has proved, with guidance for underlying earnings per share of a 1%-3% ‘dilution’ for 2013 cut to a range of ‘-2% to -6%’ alongside today’s interim results. Management still apparently can’t bring itself to use the word ‘fall’ or even ‘decrease’, but that’s definitely what it is. The main culprit...

When we downgraded Metcash to Sell following its AGM update earlier this year, in The Metcash earnings hole on 31 Aug 12 (Sell – $3.68), we warned that ‘the underlying deterioration of the Supermarkets division is likely to become clearer over the course of this financial year’.

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