Australia’s Foodland supermarket chain continues its fairytale share price story with new all time highs being set weekly.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


The share price hit A$15.82 (US$8.11) last week, up from about A$13 at the start of February and A$10.82 last July. Three weeks ago the West Australia-based company revealed a near 30% jump in second quarter sales, which has helped push the share price towards the A$15 barrier.


This strong performance has encouraged many analysts to rerate Foodland with Macquarie Equities tipping a full year net profit of A$90.6m, upgraded from A$88.4m. Credit Suisse First Boston expects A$85.2m in 2002 and has a share price target of A$16.50.


But despite the upgrades, some analysts remain concerned that Foodland will run out of steam as the share price approaches A$16. They believe that while Foodland deserves to have its forecasts upgraded it is still not as strong as its massive rivals Woolworths and Coles Meyer.


For that reason the market expects Foodland’s heady rise in value to taper out heading into 2003.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

By David Robertson, just-food.com correspondent


 


 

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now