I'm a past holder of SRP - not @the momnet
Saw this in my daily from Macca's - thought you might be interested
Southcorp (SRP) $4.63
Short term Hold, long term Buy, risk factor Low/Medium
Southcorp yesterday released AC Nielsen data for the
Australian, US and UK markets and its major wine brands
within those regions.
The Australian data is new information and highlights that the
market is growing strongly and, for the previous quarter, at a
faster rate than last year. Southcorp has underperformed the
market over the last 12 months but has achieved a significant
turnaround in the quarter, more than doubling the 12% growth
of the market.
The data includes sales for Coles and Woolworths and the
turnaround has been due to increased business with these
major retailers. This suggests the growth has come at the
cost of higher promotional spend, a shift in mix to lower
$/case brands and possibly some discounting activity.
The US and UK data are less reliable estimates of shipment
growth in the first half given long lead times between
shipment and subsequent sale to consumers due to time
spent on the water and in customs (and the distribution
network in the US) of approximately 10 weeks.
We maintain our short term Hold, long term Buy for
Southcorp and our valuation of $6.42 per share.
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