Endeavour Group Ltd Ordinary Shares

EDV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.70	Mvbr	Vtthwkpt

Endeavour: Soft Liquor Sales Growth but in Line With Key Competitor Coles

Johannes Faul

Oct 30, 2023

We maintain our AUD 6.10 fair value estimate for wide-moat Endeavour. Group sales growth of 2% in the first quarter versus the previous corresponding period is slightly below our unchanged full-year estimate of 3%—adjusted for an additional trading week in fiscal 2024. Shoppers are trading down, buying mainstream beer brands instead of craft beers. The Dan Murphy’s chain with its lowest liquor price guarantee is well-placed to capture market share in a softer economic environment.

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