George Weston Ltd

WN: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 599.00	Krn	Fnzvfxmx

Loblaw's Execution Holds Firm for George Weston, but Price Competition Continues To Bite

Dan Wasiolek , Ari Felhandler

Jun 1, 2023

Business Strategy and Outlook

Having completed the sale of its bakery business (Weston Foods) in early 2022, George Weston is left with an established and meaningful presence across Canadian retail (Loblaw) and real estate (Choice Properties). The businesses tout varying degrees of scale and, while we don’t believe any of them boast moatworthy competitive advantages, we see some semblance of a symbiotic relationship among them. We see the combined entity continuing to navigate its dynamic marketplaces, aided by the strategic guidance and financial flexibility of George Weston’s corporate leadership.

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