Perpetual backs new leadership at Woolworths
Paul Skamvougeras, Head of Equities at Perpetual, has thrown his support behind the new leadership at Woolworths. “Without doubt, the most interesting company meeting we had post reporting season was with Brad Banducci – the newly appointed CEO of Woolworths… Our view is that Brad is a very safe pair of hands… He knows it’s a difficult task to turn this business around, but he’s got a very clear focus on how he can reinvigorate the sales line at Woolworths, and that’s really what’s needed.” Skamvougeras says the market is focused on the short-term earnings outlook for Woolworths and is missing the bigger picture. “The bigger picture is that this is a high-quality business that generates a lot of cash. It has been mismanaged in the past but we have a new Board, a new CEO and the closure of Masters, which was a loss-making business.” Watch the full video for more detail and where Skamvougeras is seeing value.
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