FTSE 100: 7682.27 ▲ 125.83 (1.67%)
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|No. of shares out||8,191m|
|No. of shares floating||8,032m|
|No. of common shareholders||not stated|
|No. of employees||133041|
|Trading volume (10 day avg.)||18m|
|Profit before tax||£2,637m|
|Earnings per share||0.88p|
|Cashflow per share||16.70p|
|Cash per share||83.57p|
A ‘warmer’ trading update and unconditional clearance of the Booker acquisition has left Tesco (TSCO) in a positive position according to Shore Capital, which still rates the shares a ‘buy’ despite admitting its stance may be ‘premature’.
Analyst Clive Black retained his ‘buy’ recommendation on the shares, which fell 4.4% to 202.5p yesterday.
‘We see material valuation rating compression for Tesco stock out to 2020, albeit that contraction is back-end weighted... we continue to believe that we may be a little premature on our upgrade [to ‘buy’],’ he said.
‘However, we also believe that it is better to be too early than to miss the anticipated appreciation of Tesco’s shares.’
‘The underlying progress is undeniable and the direction of travel clear’.