Coles Group: Value becoming more important

About the author:

Alex Lu
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By Alex Lu
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Date posted:
01 May 2023, 7:00 AM
Sectors Covered:

  • Coles Group's (ASX:COL) 3Q23 sales trading update overall was above our expectations.
  • 3Q22 LFL sales growth (yoy): Supermarkets +6.5% (vs MorgansF +3.0%) and Liquor +1.5% (vs MorgansF +2.5%).
  • Management said Supermarkets sales growth has continued into 4Q23 with volumes remaining modestly positive, while supplier input cost inflation is expected to continue to moderate.
  • We adjust FY23/24/25F underlying EBIT by +1%/+1%/+1%.
  • Our target price rises to (login to view) and we maintain our Add rating.

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Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

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