Without material leasehold obligations compared to its peers, and a comfortable pension position, we see the group as being in a relatively favourable position to commence shareholder friendly initiatives in the medium to long term. Shore Capital reiterates our “buy” stance on Wm. Morrisons shares.
DAVID STODDART | EDISON INVESTMENT RESEARCH
The announcement contains pretty much all of the elements you would expect from a new turnaround CEO. With store closures, asset write-downs, and dividend cuts announced, David Potts can focus on generating the quick wins he is likely to need to give the turnaround plan momentum.
RICHARD HUNTER | HARGREAVES LANSDOWN
The numbers make for some generally uncomfortable reading, although there are signs that the turnaround plan is gaining traction. The attraction of holding the stock for its punchy dividend yield has now been largely removed. The market consensus has weakened of late to now come in at a “sell”.