i prefer Coles for a very simple reason. WOW is very well run and has been for a long time. In the past they reinvested profits to continually improve the business. Whilst they were doing this Coles management (when it was Coles and not WES) did nothing. No re-investment in technology, no re-furb, no capex---->hence no growth. This dominance made WOW a little complacent in the last 5 or so years.
Now as an investor looking for GROWTH where would you expect to see more growth come from?? A company who has consisntently re-invested for growth and can't do much more to get upside OR the one who was treated like a bastard stepchild before WES came along and decided to actually put some money back into the business??
When you have two good businesses that are essentuially the same and one is neglected, if you start to spend money on it intelligently you are going to see more comparitive growth against the one who isn't. The real test for Coles will be in a few years time when it has come full circle and it can't get growth just by putting money into a business that was starved of it.
WOW has finally woken up to the fact that it has competition.
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