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Event-Driven

<p>Narrow-moat <strong><a href="https://www.smartkarma.com/entities/1104" target="_blank" data-smartkarma-citation="entities:1104:1">Wesfarmers Ltd (WES AU)</a></strong> surprised investors with the demerger proposal of Coles, and in our opinion, the move makes sense. The restructure splits the highly profitable Bunnings and Kmart businesses, both market leaders in their respective categories, from the slow-growing Coles supermarkets business facing fierce competition and declining EBIT margins. By separating these two opposing investment propositions, investors are provided with a clearer choice. Also, Wesfarmers…</p>

Narrow-moat Wesfarmers Ltd (WES AU) surprised investors with the demerger proposal of Coles, and in our opinion, the move makes sense. The restructure splits the highly profitable Bunnings and Kmart businesses, both market leaders in their respective categories, from the slow-growing Coles supermarkets business facing fierce competition and declining EBIT margins. By separating these two opposing investment propositions, investors are provided with a clearer choice. Also, Wesfarmers…

Wesfarmers’s Demerging of Coles Has Positives, But Our DCF-Based FVE Is Unmoved