The boffins at the ACCC just claimed that Metcash has no competition, hence they tried to block their acquisition of Franklins. Obviously they didn't feel WOW and WES were in the same market..
Profit upside will come from efficiencies in distribution. Their net margin has improved nearly year in year out over the past decade, but is still <2%. WOW is nearly double that. So hopefully they can close some of that gap. Also a turnaround at Mitre10 would be nice, but tough given they're up against WOW and WES again.
For me, I'd like to see some efforts to reduce debt. With debt now ~5 times net profit and intangibles > net equity they're pretty exposed to asset write-downs and debt rollover problems. The $200m they fork out annually for dividends would be the first item to face the axe.
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