WM Morrison’s Q3 and Christmas trading update was broadly in line with our estimates. All business formats contributed in sustaining the positive momentum. While management’s guidance of underlying PBT (420-440m in FY20/21) is slightly ahead of our expectations, the company’s sales growth (excluding fuel) is likely to be muted in the forecast years. We maintain our positive stance on the stock’s valuation.
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Top-line momentum continues
- Published:
08 Jan 2021 -
Author:
Nishant Choudhary -
Pages:
3
WM Morrison’s Q3 and Christmas trading update was broadly in line with our estimates. All business formats contributed in sustaining the positive momentum. While management’s guidance of underlying PBT (420-440m in FY20/21) is slightly ahead of our expectations, the company’s sales growth (excluding fuel) is likely to be muted in the forecast years. We maintain our positive stance on the stock’s valuation.