10 월, 월마트 (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business
. 갈라져, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury’s to
10%, adding to speculation that it could be the next takeover target
Analysts are speculating that Tesco, Britain’s biggest supermarket chain, might also attract a buyer.
“The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($ 25 십억) market capitalization, is not too big to be subject to an offer,” Clive Black, head of research at Shore Capital said in a note on Monday.
Sainsbury’s and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.
Tesco CEO Ken Murphy told analysts on a call on Friday that online demand has been “incredibly resilient even with the easing of restrictions.”
“We expect sales to remain well above pre Covid-19 level through the remainder of the year,” 그는 덧붙였다.
Both leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital’s Black.
This could make them prime targets for the likes of 아마존 (AMZN)
, 그는 덧붙였다. “The Asda bid and the Kretinsky investment means that the topic of Amazon’s plans will also be one of ongoing discussion around Sainsbury and Tesco
,” Black said
The online retailer
, which has been expanding its grocery offering since buying Whole Foods in
2017, already has a close relationship with Morrisons
, which supplies its Prime and Pantry customers in the United Kingdom with dry
, fresh and frozen products
But the market is not betting on a rival bid from 아마존. “There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier & 쌀,” said Russ Mould, investment director at stockbroker AJ Bell.
With a languishing share price and over £7 billion ($ 9.7 십억) in assets, including a real estate portfolio worth more than the company’s market value, Morrisons “ticks a lot of private equity boxes,” 그는 CNN 비즈니스에.
Returning to favor?
Investor interest in UK assets extends beyond grocers. There have been over 50 bids for listed UK companies in the last nine months, only six of which have since been abandoned, according to Mould.
The average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 개월, 가 있었다 85 announced offers for UK-listed public companies with a combined value of $ 148 십억, 13 of which have failed, according to Dealogic data.
“The UK has consistently underperformed on the global stage since June 2016’s Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,” Mould said in a recent note. “That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,” 그는 덧붙였다.
UK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.
They may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.
그만큼 FTSE 100 (UKX) has climbed just
26% over the past decade
, while Europe’s STOXX 600 (SXXL) is up
85%. That compares with a gain of more than
230% 위해 에스&피 500 (SPX)
— Julia Horowitz contributed reporting.