The competitiveness in the UK Grocery sector is not going away. ASDA is looking to cement its position, while Morrisons is looking to win back customers
Read MoreMorrisons pivoting towards online order fulfilment via store picking is a negative for Ocado but partly reflects Morrison’s need to utilise its largely
Read MoreThe ransomware attack on a supply chain IT provider will have a short-term impact, and not all costs will be recoverable. We expect the cash cost to
Read MoreThe potential closure of the Rathbones business surprises us, but selling a business where Morrisons is almost the sole customer may be
Read MoreA sale of Morrisons' own label bread business would bring in £75m - £85m in our analysis. Not insignificant but not a
Read MoreThe loss of a senior executive to Morrisons before he even started work at ASDA is not a good look. However, the relative stability of Morrisons is
Read MoreThe refinancing is positive across the Morrisons debt stack. The new £1.2bn TLB will push much of Morrison’s maturities to November 2030 for
Read MoreWe remain positive about Morrisons. Q3 revenue growth was in line with our forecast, and whilst EBITDA margins were lower
Read MoreWe are excited to introduce a new feature to more readily deliver to you our top ideas at any time. We are not YouTubers, but we are now recording our ideas in short 2-5 minute videos, which you can find on our website right on top of the landing page.
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The £370m proceeds from the ground rent deal will be used to repay debt. The transaction will layer the SSNs, as the rents will be structurally
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The pay equality claim by ASDA staff is in court in early September, and the successful claim by Next staff will weigh on ASDA bonds. However, the case has
Read MoreSettling the dispute with logistics staff will help Morrisons avoid disruption and empty stores, but will not aid the cost-cutting plans for
Read MoreCEO Rami Baitiéh has highlighted the need for operational improvements at Morrisons. We are not hearing an alarm bell yet, but losing two
Read MoreTesco continue their market share gain, adding a further 52bps of market share as Tesco continue to see customers switch from M&S and Waitrose. More importantly,
Read MoreThe recent strikes at Morrisons did impact deliveries, and most staff at the two distribution centres (of seven) took part. The industrial action is
Read MoreThe disruption caused by the three-day strike at two (of seven) Morrisons Distribution centres will only have a small impact on results. Even if the
Read MoreThe €1bn buyback surprised us as we had expected Morrisons to use the cash to repay Term Loans. We will continue to hold both the SSNs and the SUNs. We are not rushing to
Read MoreBouygues, will want to maintain its infrastructure at the forecourts sold by Morrisons. The suit will likely cost Morrisons something to make it go away, but
Read MoreCost-cutting efforts at Morrisons are seeing some staff pushback. The impact will be limited as the action impacts two of seven hubs
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