LOBLAW COMPANIES $60.00 (Toronto symbol L; Shares outstanding: 412.7 million; Market cap: $25.2 billion; TSINetwork Rating: Above Average; Dividend yield: 1.6%; www.loblaw.ca) is Canada’s largest food retailer, with about 1,200 stores. Its banners include Loblaws, Provigo, Fortinos, Real Canadian Superstore and No Frills. George Weston Ltd. owns 46% of the company.
Loblaw completed its acquisition of the Shoppers Drug Mart chain in March 2014. It paid $12.3 billion: $6.6 billion in cash and $5.7 billion in Loblaw common shares.
In the quarter ended October 4, 2014, Loblaw’s sales rose 35.9%, to $13.6 billion from $10.0 billion a year earlier. Without Shoppers’ contribution, sales rose 2.0%. Before one-time items, Loblaw’s earnings gained 23.3%, to $0.90 a share from $0.73.
The addition of Shoppers Drug Mart should increase Loblaw’s earnings to $2.82 a share for all of 2014, and the stock trades at 21.3 times that estimate. Its 2015 earnings should reach $3.41 a share; the stock trades at a more reasonable 17.6 times that forecast.
The company increased its quarterly dividend by 2.1% with the July 2014 payment, to $0.245 from $0.24. The stock yields 1.6%.
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