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Endeavour Group Ltd Ordinary Shares EDV

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Morningstar’s Analysis

Currency in AUD
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5-Star Price


Economic Moat


Capital Allocation


Easing Restrictions Expected to Normalise Endeavour’s Retail and Hotel Segments

Analyst Note

| Johannes Faul, CFA |

We maintain our AUD 6.20 fair value estimate for wide-moat Endeavour Group following the September-quarter trading update that was broadly aligned with our expectations. Varying degrees of coronavirus-related trading restrictions throughout Australia, with particularly strict lockdowns in Victoria and New South Wales, materially affected operating conditions during the September quarter. The trading restrictions continued to support the elevated levels of at-home consumption since the onset of the pandemic. While sales within the retail segment were flat on the same period in fiscal 2021, they remain approximately 20% above prepandemic levels. Sales within the hotels segment were down approximately 10% on the same period in fiscal 2021, which was also partially restricted by lockdowns, and around 40% below prepandemic levels.

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Company Profile

Business Description

An investment in wide-moat-rated Endeavour Group provides investors with exposure to one of the most well entrenched dividend-paying businesses in the Australian retail landscape. Following decades of sustained organic growth through store roll-outs, Endeavour's off-premises retail segment—with more than 1,600 retail outlets mainly across its Dan Murphy's and BWS brands—accounts for approximately half of all off-premises retail liquor sales within Australia. Endeavour's immense scale in the off-premises retail segment is unrivalled within Australia. Indeed, Endeavour's sales are almost three times larger than its nearest retail competitor, Coles.

26 Waterloo Street
Surry Hills, NSW, 2010, Australia
T +61 293338008
Sector Consumer Defensive
Industry Beverages - Wineries & Distilleries
Most Recent Earnings
Fiscal Year End Jun 27, 2022
Stock Type