has david errington gone awol?, page-6

well, nice to see Daves price rating has increased from $17 to $26.

The biggest things that infuriate me most about the analyst coverage of WES is that: firstly, they paid way too much for the Coles assets, and secondly, that the conglomerate structure is failing the company.the notion that you can just buy Coles whenever it suits you is just nonsense. The opportunity to buy Coles was once in a generation type opportunity - you either go for it or not. The result of going for it is a suite of great busineses with heaps of future growth options, and a huge management efficiency dividend. In respect to conglomerate corporate structures, i'm sure a lot of the literature is moving away from the model, however that is not to say there are not exceptions to the rule. The finacial service/insurance plays put on by UK/european supermarkets sugest a huge opportunity for WES's subsidary businesses to grow out of coles.