PHILIP DORGAN | ALTIUM SECURITIES
Morrisons has grown its sales, profits, margins and return on capital. Not bad considering the state of the consumer economy. It is to return £1bn to shareholders over the next two years and has committed to double digit dividend growth. We are maintaining our ‘buy’ recommendation.
RICHARD HUNTER | HARGREAVES LANSDOWN
The business continues to make progress, but the shares have not necessarily kept pace. Over the last year Morrisons has suffered an eight per cent drop in the share price, as opposed to a gain of five per cent for the wider FTSE 100 in that period. The age of austerity may yet play into its hands. On balance it remains that the shares are a ‘buy’.
MATT PINER | VERDICT
Online grocery, convenience stores, non-food and own label ranges all present excellent opportunities if it can get them right, but they are all fiercely contested areas that will leave little room for error. We believe Morrisons is right exploring each area fully and bringing in expertise.