Morrisons – Reasons to shop at Morrisons – Positioning

We have scrutinised the recent results from Morrisons and despite the recent market share challenges we are altering our stance to reflect our increased conviction in our investment analysis. We build in our calculation of the EV of the business and the impact on the value of the SUNs. We also interpret the performance of our existing position in the Morrisons debt stack, how these fit in with our new stance, and the returns we anticipate over the next year.