Coles Group Ltd

COL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$45.70	Kfy	Vbsmxhm

Coles’ New CEO to Take the Helm During a More Challenging Second Half

Johannes Faul

Feb 21, 2023

No-moat Coles reported a solid interim result for fiscal 2023. We lift our fair value estimate by 3% to AUD 14 per share, mainly due to a slightly greater sales base. Our group EBIT margins forecast remains unchanged, averaging 5% over the next decade. Elevated food price inflation is proving to be longer lasting than we had previously expected, and we don’t expect recent price gains to materially deflate.

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