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Albertsons Companies Inc Class A - Stock Quote ACI

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Morningstar's Albertsons Companies Inc Class A Stock Analysis

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Solid End to Fiscal 2021 for Albertsons, but Underwhelming Guidance Leaves Our Thesis Intact

Zain Akbari, CFA Equity Analyst

Analyst Note

| Zain Akbari, CFA |

Our $28.50 fair value estimate for no-moat Albertsons should not change much after the firm announced full-year earnings that exceeded our expectations but offered somewhat underwhelming fiscal 2022 guidance. With the fiscal 2022 discrepancy likely a result of transitory phenomena (pandemic, inflation), our 10-year forecast for low-single-digit average annual sales growth and operating margins is intact. Although our reaction is more tempered than the shares’ high-single-digit percentage swoon after the news (likely on account of our somewhat more muted expectations for fiscal 2021 and 2022), we suggest investors await a more attractive entry point.

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Albertsons Companies Inc Class A's Company Profile

Business Description

Albertsons is the second-largest traditional grocer in America, operating 2,276 stores under 24 banners in 34 states (as of the end of fiscal 2021). Around 75% of stores have pharmacies, while nearly 20% also sell fuel. Albertsons has a significant private-label operation, accounting for around 20% of sales (excluding fuel). While its own brand assortment is mainly manufactured by third parties, Albertsons operates 20 food production plants (as of the end of fiscal 2021). Albertsons is a top-two grocer in two thirds of its major markets (as of early 2022, according to company data), and virtually all of its sales come from the United States.

250 Parkcenter Boulevard
Boise, ID, 83706
T +1 208 395-6200
Sector Consumer Defensive
Industry Grocery Stores
Most Recent Earnings Feb 28, 2022
Fiscal Year End Feb 25, 2023
Stock Type Classic Growth
Employees 290,000