Colruyt reported strong H1 FY18/19 results with a better than expected expansion in the gross margin, supported by softer competition/promotional activity in Belgium. However, we maintain our cautious view on the company due to its expensive multiples/valuations and an expected intensification of the competition in the Belgian retail sector in the forecast years. The stock recommendation remains ‘Sell’.
13 Dec 2018
Despite a strong H1 performance, the valuation remains rich
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Despite a strong H1 performance, the valuation remains rich
Colruyt Group N.V. (COLR:WBO) | 0 0 0.9% | Mkt Cap: 6,630m
- Published:
13 Dec 2018 -
Author:
Nishant Choudhary - Pages:
Colruyt reported strong H1 FY18/19 results with a better than expected expansion in the gross margin, supported by softer competition/promotional activity in Belgium. However, we maintain our cautious view on the company due to its expensive multiples/valuations and an expected intensification of the competition in the Belgian retail sector in the forecast years. The stock recommendation remains ‘Sell’.