It must have been 'Bargain Monday' at Metcash (ASX:MTS), with the country's third-ranking listed retail group revealing a three-for-the-price-of-one deal. They announced three purchases in food and hardware, along with a $300 million placement to big shareholders.
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Metcash has requested the suspension of its shares until Monday, confirming Thursday morning media reports that it is exploring the acquisition of the food services operation, Superior Food Group.
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Metcash, the supermarkets, hardware, and liquor group, has reduced its interim dividend for the six months ending on October 31 due to a noticeable slowdown in earnings growth.
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The slowdown in consumer spending has significantly impacted the sales performance of Metcash (ASX:MTS), Australia's third-largest supermarket group, in the first 18 weeks of its 2023-24 financial year.
Read MoreMetcash (ASX:MTS) may have reported record annual sales and earnings for the year ending 30 April, but closer examination of the results reveals warning signs that cast doubt on the initial 9% surge in the retailer’s share price on Monday.
Read MoreA confident outlook for the rest of 2022-23 from Metcash, if the tick-up in interim dividend and solid sales growth seen in the first half of the year are any indication.
Read MoreOn the face of it a solid start to its 2022-23 financial year for Metcash, the country’s third-largest supermarkets, liquor and hardware chain operator, despite numerous challenges.
Read MoreThe rating is downgraded to Neutral from Outperform and the target price decreases to $4.67 from $4.70.
Read MoreMetcash shares jumped 4% on Monday after the country’s 4th ranking supermarkets group boosted annual dividend 23% and reported a solid rise in 2021-22’s revenue and earnings.
Read MoreThe Buy rating and target price of $5.00 are retained.
Read MoreCiti lifts its target price to to $4.40 from $4.20. The analyst maintains a Neutral rating.
Read MoreMetcash shares leapt more than 7% yesterday in a strong thumbs up to the solid interim result and higher dividend from the supermarkets, hardware and liquor group.
Read MoreAustralia’s third-biggest listed supermarkets and hardware group Metcash is changing CEOs with the incumbent, Jeff Adams deciding to retire and return to the US.
Read MoreBuy rating and $4.60 target unchanged.
Read MoreMetcash slipped out a record full-year result and dividend, as well as a share buyback, which saw the company’s shares up by more than 3% at one stage in Monday trade.
Read MoreThe company’s capital expenditure intentions over the next three years are twice as much as Citi anticipated, which rules out a capital return in the near term. Citi retains a Buy rating and $4.10 target.
Read MoreA funny result for shareholders in supermarket, hardware and liquor supplier Metcash which produced a strategy and trading update to the market yesterday.
Read MoreAhead of the investor briefing on March 16, Credit Suisse notes a very supportive industry backdrop. Outperform retained. Target rises to $4.08 from $3.97.
Read MoreAnton Tagliaferro and Phillip Gray from Investors Mutual follow up their earlier article with some further insights into whether or not fundamentals still matter.
Read MoreMetcash’s businesses are expected to continue to grow at healthy rates despite an easing of the boom delivered by pandemic restrictions
Read MoreFirst-half net profit was ahead of UBS estimates. The pandemic has structurally benefited Metcash, the broker observes, through a “shop local” emphasis and increased at-home consumption.
Read MoreThe country’s third retail force, Metcash has given shareholders a nice pre-Christmas reward with a 33% lift in interim payout after the supermarket, liquor and hardware group revealed one of its strongest-ever half-yearly results, with the company’s underlying earnings surging 43% in the six months to October 31.
Read MoreCredit Suisse notes the independent food retail sector has been a significant beneficiary of increased expenditure and more local shopping.
Read MoreConsumers shopped in larger quantities, less frequently and increasingly online during the height of the nationwide lockdowns. The question now is: which trends will persist and which stocks will benefit as restrictions ease?
Read MoreDespite reporting very upbeat results, Metcash’s share price barely moved, while Zip was rewarded on the announcement of its new deal with the share price soaring 27%. Anton Tagliaferro along with IML Portfolio Manager Daniel Moore dig into what is going on.
Read MoreThe COVID-19 sales boom goes on for Metcash, the country’s third-largest supermarkets and liquor business and second-ranking hardware retailer.
Read MoreSupermarket and hardware supplier and retailer, Metcash has signed a binding agreement to acquire 70% of Total Tools Holdings Pty Limited (Total Tools), for $57 million.
Read MoreIt was tacked on to the full-year profit announcement Metcash late last week and attracted little attention.
At $57 million it wasn’t in the same league as Metcash’s solid profit and revenue figures from its supermarkets, liquor and hardware operations.
Read MoreWholesale grocery, liquor, and hardware distributor Metcash became the first major listed Australian company to report results with a significant influence from the coronavirus and associated lockdowns – and the evidence is that it has done OK.
Read MoreMacquarie updates numbers ahead of the results. Channel checks point to strong sales at local supermarkets and liquor stores during the height of the pandemic.
Read MoreThe strong market backdrop and the outperformance of independent grocers as well as an improving outlook for hardware has caused the broker to upgrade to Buy from Neutral.
Read MoreWe saw two vastly contrasting reactions from retail shareholders to two recent offers from middle range industrial stocks that were looking to finish large capital raisings.
Read MoreMajor retail supplier, Metcash has had a good crisis – the surge in consumer panic buying pushed up sales in its key grocery supply business with the IGA chain of supermarkets (but not as much of a boost for its liquor and hardware divisions).
Read MoreInvestors have paid no heed to partial figures from the ABS yesterday showing a 0.4% rise in seasonally adjusted retail sales in February. The rise came from the supermarket sector as other parts of retail, particularly associated with tourism or hospitality, are likely to plummet.
Read MoreShares in Coles, Woolies, and Metcash surged yesterday as investors took heed of the impact of the panic buying will have on sales and earnings for the March quarter at least.
Read MoreWith respect to the virus, Macquarie sees limited risk to Consumer Staples particularly supermarkets, Coca-Cola Amatil and Domino’s Pizza.
Read MoreA new retailer co-operative appears designed to reduce buying costs and improve the availability of local and specialty lines that do not compete directly with the range offered by Metcash.
Read MoreBrokers note an improving sales trend in food over the first half for Metcash, however, the loss of significant contracts continues to weigh on the outlook.
Read MoreAs expected the interim result from independent grocery, liquor and hardware supplier, Metcash was hammered by big write-downs revealed on Tuesday to cover the loss of a major supply contract.
Read MoreIndependent grocery and hardware supplier/wholesaler Metcash says losing a key supply contract to the 7-Eleven convenience store chain from next year has forced it to make write-downs and asset impairments totaling more than $310 million.
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