Endeavour has been rewarded, not punished, by investors since it was spun out of Woolworths, leaving investors and analysts perplexed.
When Woolworths decided to spin off its bottle shop and pubs businesses, it was meant to signify a big moment for environmental, social and governance investing.
Woolworths sales should be regarded as more durable to a changing economic environment, while the big grocer also has higher returns on invested capital and a negative working capital advantage . And without having to allocate anything to those businesses, the spin-off was an opportunity for Woolies executives to boost the performance measures they are judged on, and look good doing it.
The army of one-arm bandits now has a chance to flourish under new ownership that isn’t shy about investing in gaming. The earnings margins are 85 per cent for gaming, and negative 17 per cent for non-gaming translating into 24 per cent overall margins of the division.
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Why the market ditched Endeavour’s ESG discountEndeavour has been rewarded, not punished, by investors since it was spun out of Woolworths, leaving investors and analysts perplexed.
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