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Morrisons · 1

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European Equity Strategy
document TEXT-001-HOUSE_OVERSIGHT_014460.txt Dec 1, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

….3% Retail EBITDA margin 6.8% Chart 67: Market share gains have largely been at Asda’s expense Tesco Aldi Lidl Waitrose Morrisons Sainsbury's Asda -100 -50 0 50 100 Market share of grocers, yoy Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream, IBES Source: Kantar...

Underweight Retail
document IMAGES-003-HOUSE_OVERSIGHT_014490.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… Research, Bloomberg, Datastream, IBES Chart 68: Retail is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sainsbury's Asda -100 -50 0 50 100 m Market share of grocers, yoy Source: Kantar Worldpanel Chart 69: Not cheap even if you strip out the two bigg...