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Monday, 11 Feb 2019
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BUY HOLD SELL - WES

WES has been in the news a lot recently, given its demerger of Coles. The business has accumulated a huge war chest – circa $12bn in cash and debt facilities – and the question begs as to what the company will do with it.

Earlier this month WES provided a trading update which was slightly disappointing – due primarily to weakness in department stores. The revised guidance provided suggests a circa 2% decrease in earnings from last year. Despite the disappointment, the WES share price has held up and the company has essentially de-risked in the near term.

Below we consider the current operations of WES as well as the potential opportunities, and assess whether it is worth taking on one of Australia’s biggest conglomerates.

The

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