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1. Company Snapshot

1.a. Company Description

George Weston Limited provides food and drug retailing, and financial services in Canada and internationally.The company operates through two segments, Loblaw Companies Limited (Loblaw) and Choice Properties Real Estate Investment Trust (Choice Properties).The Loblaw segment provides grocery, pharmacy, health and beauty, apparel, general merchandise, and financial services.


It operates retail drug stores under the Shoppers Drug Mart name.This segment also provides credit card services, insurance brokerage services, guaranteed investment certificates, and wireless mobile products and services.The Choice Properties segment owns, operates, and manages commercial, residential, tenant, industrial, and office properties.


It provides products under the President's Choice, Life Brand, and Farmer's Market brands.The company was founded in 1882 and is based in Toronto, Canada.George Weston Limited is a subsidiary of Wittington Investments, Limited.

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1.b. Last Insights on WN

George Weston Limited's recent performance was driven by strong operating results, with a notable increase in earnings. The company's Q2 earnings report revealed net income of $193.7 million, or $1.42 per share, with adjusted earnings of $2.21 per share. A three-for-one stock split was announced, effective August 18, 2025, which may attract more investors. RBC Capital Markets raised its price target on the company, citing a positive outlook. The company's operating performance was robust, offset by a fair value adjustment related to Choice Properties.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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EQB Profit, Revenue Fall on Higher Credit Provisions; Raises Dividend 16%, Buying PC Financial

Dec -03

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George Weston: Q3 Earnings Snapshot

Nov -14

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George Weston Q3 Adjusted Earnings Beat Estimates

Nov -14

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George Weston Limited Reports Adjusted Diluted Net Earnings Per Common Share Growth of 15.1% in the Third Quarter

Nov -14

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George Weston Limited Announces Timing of Third Quarter Earnings Release

Oct -17

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Loblaw Closing Second of Three Ultra-discount No Name Stores

Oct -02

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Matthew Lau: Colluding on bread prices shouldn’t be a crime

Sep -17

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George Weston (TSE:WN) Will Pay A Dividend Of CA$0.2979

Sep -12

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.51%)

6. Segments

Loblaw

Expected Growth: 2.5%

Loblaw's 2.5% growth is driven by its market-leading position in Canadian grocery retail, successful private label brands, and increasing e-commerce capabilities. Additionally, its pharmacy business benefits from an aging population and growing healthcare demand. Furthermore, the company's focus on cost savings initiatives and strategic investments in digital transformation also contribute to its growth.

Choice Properties

Expected Growth: 2.8%

Choice Properties' 2.8% growth is driven by its diversified portfolio of industrial, office, and retail properties, strategic acquisitions, and strong operating performance. Additionally, its affiliation with George Weston Limited provides access to a robust balance sheet, enabling the company to capitalize on opportunities and drive long-term growth.

Consolidation

Expected Growth: 3.2%

Consolidation with George Weston Limited driven by 3.2% growth, fueled by increased market share, cost synergies, and operational efficiencies. Strong brand portfolio, including Loblaw and Shoppers Drug Mart, contributes to revenue growth. Effective supply chain management and strategic investments in digital transformation also support growth momentum.

7. Detailed Products

Loblaw Brands

Loblaw Brands offers a wide range of private label products, including food, household, and personal care items, under various brand names such as No Name, President's Choice, and Blue Menu.

Retail Pharmacy

Loblaw operates a network of retail pharmacies across Canada, offering prescription filling, health and wellness services, and health advice.

Food Retail

Loblaw operates a chain of supermarkets and grocery stores across Canada, offering a wide range of fresh produce, meat, dairy, and packaged goods.

Wholesale and Distribution

George Weston Limited provides wholesale and distribution services to independent grocery stores and other retailers, offering a range of products and logistics support.

Real Estate Investment Trust (REIT)

Choice Properties REIT, a subsidiary of George Weston Limited, owns and operates a portfolio of commercial properties, primarily grocery-anchored shopping centers.

8. George Weston Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

George Weston Limited operates in the food processing and retail industry, where substitutes are available, but the company's strong brand presence and product offerings mitigate the threat.

Bargaining Power Of Customers

George Weston Limited's customers have some bargaining power due to the availability of substitutes, but the company's strong brand presence and loyalty programs reduce the bargaining power of customers.

Bargaining Power Of Suppliers

George Weston Limited's suppliers have some bargaining power due to the company's dependence on them for raw materials, but the company's large scale of operations and diversified supply chain mitigate the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the food processing and retail industry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry in the food processing and retail industry is high due to the presence of several established players, including Loblaw Companies Limited and Empire Company Limited, which competes with George Weston Limited for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 71.49%
Debt Cost 5.85%
Equity Weight 28.51%
Equity Cost 5.85%
WACC 5.85%
Leverage 250.77%

11. Quality Control: George Weston Limited passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Weston

A-Score: 6.8/10

Value: 8.0

Growth: 7.0

Quality: 4.1

Yield: 4.0

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

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Village Super Market

A-Score: 6.7/10

Value: 7.4

Growth: 4.9

Quality: 4.7

Yield: 7.0

Momentum: 8.5

Volatility: 7.7

1-Year Total Return ->

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Laureate Education

A-Score: 6.5/10

Value: 3.9

Growth: 5.6

Quality: 7.1

Yield: 5.0

Momentum: 10.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Metro

A-Score: 6.2/10

Value: 4.7

Growth: 6.6

Quality: 5.1

Yield: 3.0

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Albertsons

A-Score: 6.0/10

Value: 7.2

Growth: 5.4

Quality: 3.5

Yield: 8.0

Momentum: 3.5

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Sprouts Farmers Market

A-Score: 4.5/10

Value: 4.8

Growth: 8.1

Quality: 5.5

Yield: 0.0

Momentum: 4.0

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

95.45$

Current Price

95.45$

Potential

-0.00%

Expected Cash-Flows