MRW.L - Wm Morrison Supermarkets PLC

LSE - LSE Delayed price. Currency in GBp
184.35
-1.00 (-0.54%)
At close: 4:36PM BST
Stock chart is not supported by your current browser
Previous close185.35
Open185.85
Bid183.35 x 0
Ask183.45 x 0
Day's range182.20 - 188.80
52-week range157.55 - 211.40
Volume4,510,273
Avg. volume11,220,787
Market cap4.434B
Beta (5Y monthly)0.28
PE ratio (TTM)12.80
EPS (TTM)14.40
Earnings date10 Sep 2020
Forward dividend & yield0.07 (3.59%)
Ex-dividend date21 May 2020
1y target est251.79
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  • Ocado Better Use Its $1.3 Billion Windfall Wisely
    Bloomberg

    Ocado Better Use Its $1.3 Billion Windfall Wisely

    (Bloomberg Opinion) -- One of the talents of Tim Steiner, chief executive officer of Ocado Group Plc, is knowing how to negotiate from a position of strength.Over the past decade, the U.K.-based trailblazer for online grocery sales has been able to clinch contracts with British food retailers Wm Morrison Supermarkets Plc and Marks & Spencer Group Plc, offering digital capabilities just when they were most desperate to expand online. Now Steiner is again living up to form, as he raised 1 billion pounds ($1.3 billion) this week. The move exploited a soaring share price, a big increase in online grocery orders and a shortage of investment opportunities in the convertible bond market. Quite a feat for a company that has made a pre-tax profit in only a handful of its 20 years of operation.The capital raising is certainly opportunistic. Ocado already had about 1.2 billion pounds in the bank. The excitement around online shopping has also elevated Ocado’s share price, from around 13 pounds at the start of the year to more than 20 pounds before the fundraising announced late Wednesday. The company is right to take advantage of these factors while it can, because they may not be around forever.Steiner clearly thinks there are more gains to be wrung out of the post-pandemic retail landscape. Mindful of the accelerating switch from buying food in stores to simply clicking a mouse or tapping on a smartphone, its online partners around the world, such as U.S. grocer Kroger Co., may want to attack the online grocery market even faster. Ocado also anticipates a surge of interest from other big international supermarkets wanting to use its automated warehouses.Ocado raised 657 million pounds by selling a roughly 5% stake in itself at a 6% discount to Wednesday’s closing price. The rest of the windfall came from selling bonds that will convert into stock if the share price hits 26.46 pounds a piece — more than one-third above where the shares are now. The deal effectively offers Ocado the chance to raise equity at a higher price in the future, minimizing dilution for shareholders.But investors should be aware of another Ocado trait: plowing money into expensive infrastructure with little to show for it by way of returns.Since 2000, Ocado has invested about 1.4 billion pounds in its retail business, according to Mike Dennis, an analyst at Bloomberg Intelligence. But since going public in 2010, it has made a cumulative operating profit of only about 100 million pounds from this division, which is now a joint venture with Marks & Spencer.The company’s thesis has been that more grocery shopping will soon shift away from physical supermarkets and take place online instead. It also believes that relying on big state-of-the art warehouses and robots to fulfill orders is a far more efficient approach than stocking store shelves.It’s right on the first point. Online’s share of food shopping has almost doubled in the U.K. in recent months, according to Nielsen, from 7% before the pandemic to 13% in May. The second point is not as certain. The trouble with Ocado’s model is it needs expensive infrastructure. The more sales grow, the more warehouses and robots are required. As I have pointed out before, stores with employees are more flexible: They don’t need to add huge distribution centers or install whizzy technology — both of which are costly and time-consuming — to scale up. Employees in existing supermarkets can simply pluck more toilet rolls or cans of beans off of their shelves and put them into crates. Ocado’s need for capital gets even more acute when it agrees to operate the online grocery businesses of big international retailers, such as Japan’s Aeon Co., with whom it struck a deal late last year. While these contracts should eventually generate lucrative fee income, they entail a substantial upfront capital cost. The company’s fundraising has preempted a possible spate of new agreements with grocers around the world, tantalized by the prospect of more online shopping, and put an extra billion pounds into its coffers. If Steiner doesn’t use this wisely, he won’t be able to win over shareholders so easily next time around. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Morrisons advisors warn against 24% executive pension payout
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    Morrisons advisors warn against 24% executive pension payout

    Morrisons executives David Potts and Trevor Strain are set to receive a 24% pension contribution rate this year but advisors urge investors not to back it.

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  • Coronavirus: Morrisons vows to 'feed the nation' as it recruits 25,000 extra staff
    Yahoo Finance UK

    Coronavirus: Morrisons vows to 'feed the nation' as it recruits 25,000 extra staff

    In-store sales are surged 10% since the lockdown but petrol sales have collapsed 70%, putting pressure on Morrisons' business.

  • Reuters - UK Focus

    UK supermarket Morrisons' sales get coronavirus lockdown boost

    British supermarket group Morrisons on Tuesday reported a 5.7% rise in group like-for-like sales in its latest quarter, with demand boosted by the country's coronavirus lockdown. Morrisons, Britain's fourth largest supermarket group after Tesco, Sainsbury's and Asda, said retail sales rose 5.1% in the 14 weeks to May 10, its fiscal first quarter, while wholesale revenue increased 0.6%.

  • Morrisons slashes fuel prices to under £1 a litre
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    The price drop marks the first time petrol has been 'sold nationally' for less than £1 per litre since February 2016, according to Morrisons.

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  • Coronavirus: Scammers targeting shoppers with bogus Tesco and Morrisons vouchers
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  • Coronavirus: Brits spent £500m extra on groceries in April due to lockdown
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    Coronavirus: Brits spent £500m extra on groceries in April due to lockdown

    Grocery sales rose by 5.5% in April, according to market research firm Kantar Worldpanel.

  • Reuters - UK Focus

    British grocery sales growth slows to 5.5% in four weeks to April 19 - Kantar

    British grocery sales grew 5.5% in the four weeks to April 19, a slowdown from record growth of 20.6% in March when shoppers built up stocks before the country went on coronavirus lockdown, industry data showed on Tuesday. Market researcher Kantar said Britons still spent 524 million pounds ($651 million) more on groceries in the four weeks versus the same period last year.

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    UK's Morrisons gives discount to health workers battling coronavirus

    Morrisons, Britain's fourth biggest supermarket group, said it is giving National Health Service (NHS) workers a 10% discount to support them through the coronavirus crisis. It is the first of Britain's 'Big Four' to give a monetary discount to 1.5 million NHS workers, who have already been offered priority shopping hours by market leader Tesco, Sainsbury's, Walmart owned Asda and Morrisons.

  • Is the Wm Morrison Supermarkets share price good value at 174p?
    Stockopedia

    Is the Wm Morrison Supermarkets share price good value at 174p?

    Wm Morrison Supermarkets (LON:MRW) is engaged in the operation of retail supermarket stores under the Morrisons brand and associated activities. Right now the 8230;

  • Reuters - UK Focus

    Britain's supermarkets wrestle with coronavirus demand conundrum

    Britain's big supermarkets fear they won't be able to supply the country's 60 million people without longer opening hours or a relaxation of social distancing rules introduced to curb the spread of the coronavirus. What's more, the lockdown has temporarily transferred the eating out market - bars, cafes, restaurants, school meals and workplace canteens - to the home, shifting about 30% of the nation's food consumption back to stores. "The problem is, can you feed 60 million people at the rate you can get people through the stores with that social distancing?" one industry executive told Reuters.

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  • Sainsbury's to ease coronavirus shopping restrictions
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    Sainsbury's to ease coronavirus shopping restrictions

    Sainsbury’s is to ease some of its shopping restrictions on the number of items customers can buy but allows only one adult per household to shop.

  • Reuters - UK Focus

    British supermarket Sainsbury's to remove most customer purchasing limits

    British supermarket group Sainsbury's said on Friday it would start to remove the customer purchasing limits it imposed as a response to increased demand during the coronavirus emergency. Limits will remain in place on the most popular items which include UHT milk, pasta and tinned tomatoes, he said.

  • Morrisons to give staff £1,050 coronavirus bonus
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    Morrisons to give staff £1,050 coronavirus bonus

    Morrisons have told staff to expect a bonus of over £1,000 as coronavirus fears made March the biggest month on record for grocery sales.

  • Reuters - UK Focus

    UK's Morrisons wins legal battle over former employee's data leak

    British supermarket group Morrisons on Wednesday won a Supreme Court victory which ends a battle for compensation by thousands of its staff whose personal details were posted on the internet by a former employee. The court found that Morrisons as an employer was not "vicariously liable" for a data breach, a victory for the grocery firm which had faced compensation claims from over 9,000 former and current employees over the incident. In 2017, London's High Court found Morrisons was liable for the 2014 theft and publication of the data by finance worker Andrew Skelton, who was later jailed for his offences.

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