Woolworths Ltd. Nov 07
Standard & Poors, November 2007
Abstract
Strong and highly defensible position as Australasia's largest food and liquor retailer Favorable duopoly-like characteristics and high barriers to entry in the Australian and New Zealand supermarket sectors Predominant exposure to nondiscretionary food retailing Market-leading cost position in Australian supermarket retailing Improving geographic and business diversity Significant indebtedness (which includes substantial off-balance-sheet operating-lease obligations) Large ongoing capital-expenditure requirements Management challenges associated with operating a large and diverse group of retail businesses Some exposure to cyclical consumer demand The ratings on Woolworths Ltd. reflect the group's leading market and cost position in Australian supermarket retailing; its strong second position in New Zealand supermarket retailing; and its moderate geographic and business diversity. These factors are tempered by Woolworths' intermediate financial risk profile,...
Companies mentioned in this report are: Woolworths Ltd.
Action: Review
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Research Type: Full Analysis
Woolworths Ltd.
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