{"id":17466,"date":"2018-11-22T06:15:02","date_gmt":"2018-11-22T06:15:02","guid":{"rendered":"http:\/\/thepatientinvestor.com\/?p=17466"},"modified":"2022-05-24T05:10:51","modified_gmt":"2022-05-24T05:10:51","slug":"wesfarmers-coles-demerger","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2018\/11\/22\/wesfarmers-coles-demerger\/","title":{"rendered":"Wesfarmers &#8211; Coles Demerger"},"content":{"rendered":"<p>Wesfarmers announced their intention to demerge Coles, along with senior leadership changes, on 16 March 2018.<\/p>\n<p>Wesfarmers will retain 15 per cent of Coles and 50 per cent of flybuys.<\/p>\n<p>Eligible shareholders will receive one Coles share for every Wesfarmers share that they hold.<\/p>\n<p>&#8220;Demerging Coles enhances Wesfarmers\u2019 prospects of delivering satisfactory returns to shareholders by shifting our investment weighting and focus towards businesses with higher future earnings growth prospects,\u201d Chairman Michael Chaney said.<\/p>\n<p>In short, Coles does not meet Wesfarmers&#8217; hurdle rate of return for capital employed (ROCE). A defensive, non-cyclical business, Coles on its own may justify a lower required ROCE.<\/p>\n<div class=\"content_block\" id=\"custom_post_widget-33364\"><h2>Coles Demerger (November 2018)<\/h2>\r\n<p>Coles Group Limited (COL) commenced trading on the ASX on 21 November 2018, after the spin-off from Wesfarmers was approved by the Supreme Court of WA.<\/p>\r\n\r\n<p>Trading is initially on a deferred settlement basis, with the demerger expected to be implemented on 28 November 2018.<\/p>\r\n<ul>\r\n \t<li>Following the Demerger, Wesfarmers will continue to be one of Australia\u2019s largest listed companies and private sector employers with around 105,000 employees.<\/li>\r\n \t<li>Wesfarmers\u2019 business operations will include Bunnings, Department Stores (K-mart &amp; Target) and Officeworks retail divisions and the Industrials division with businesses in chemicals, energy and fertilisers, and industrial and safety products.<\/li>\r\n \t<li>Wesfarmers will also have a number of other non-controlling interests, including a <strong>15 per cent interest in Coles<\/strong>.<\/li>\r\n \t<li>For the year ended 30 June 2018, Wesfarmers\u2019 post Demerger pro forma revenue was $27.5 billion, pro forma EBIT from continuing operations was $2,734 million and pro forma EBIT from continuing operations and excluding significant items was $3,040 million.<\/li>\r\n<\/ul><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Wesfarmers announced their intention to demerge Coles, along with senior leadership changes, on 16 March 2018. Wesfarmers will retain 15 per cent of Coles and 50 per cent of flybuys. Eligible shareholders will receive one Coles share for every Wesfarmers share that they hold. &#8220;Demerging Coles enhances Wesfarmers\u2019 prospects of delivering satisfactory returns to shareholders &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2018\/11\/22\/wesfarmers-coles-demerger\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Wesfarmers &#8211; Coles Demerger&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3799],"tags":[3962,3961,3915,3789],"class_list":["post-17466","post","type-post","status-publish","format-standard","hentry","category-asx-growth","tag-col","tag-coles-group-limited","tag-wes","tag-wesfarmers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wesfarmers - Coles Demerger - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wesfarmers - Coles Demerger - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Wesfarmers announced their intention to demerge Coles, along with senior leadership changes, on 16 March 2018. Wesfarmers will retain 15 per cent of Coles and 50 per cent of flybuys. Eligible shareholders will receive one Coles share for every Wesfarmers share that they hold. &#8220;Demerging Coles enhances Wesfarmers\u2019 prospects of delivering satisfactory returns to shareholders &hellip; Continue reading &quot;Wesfarmers &#8211; Coles Demerger&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2018\/11\/22\/wesfarmers-coles-demerger\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-22T06:15:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-24T05:10:51+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/11\\\/22\\\/wesfarmers-coles-demerger\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/11\\\/22\\\/wesfarmers-coles-demerger\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Wesfarmers &#8211; Coles Demerger\",\"datePublished\":\"2018-11-22T06:15:02+00:00\",\"dateModified\":\"2022-05-24T05:10:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/11\\\/22\\\/wesfarmers-coles-demerger\\\/\"},\"wordCount\":114,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"COL\",\"Coles Group Limited\",\"WES\",\"Wesfarmers\"],\"articleSection\":[\"Australian Growth\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/11\\\/22\\\/wesfarmers-coles-demerger\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/11\\\/22\\\/wesfarmers-coles-demerger\\\/\",\"name\":\"Wesfarmers - Coles Demerger - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2018-11-22T06:15:02+00:00\",\"dateModified\":\"2022-05-24T05:10:51+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/11\\\/22\\\/wesfarmers-coles-demerger\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/11\\\/22\\\/wesfarmers-coles-demerger\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/11\\\/22\\\/wesfarmers-coles-demerger\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Wesfarmers &#8211; Coles Demerger\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\\\/2009 and 2020 bear markets well ahead of actual events. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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Trading is initially on a deferred settlement basis, with the demerger expected to be implemented on 28 November 2018.","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17003,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/12\/wesfarmers-ltd-wes\/","url_meta":{"origin":17466,"position":1},"title":"Wesfarmers Ltd (WES)","author":"Colin Twiggs","date":"September 12, 2018","format":false,"excerpt":"Stock: Wesfarmers Ltd Symbol: WES Exchange: ASX Financial Year-end: 30 June Latest price: $51.34 Market cap: $58.1 billion AUD Date: 11 September 2018 Sector: Consumer Staples Industry: Food & Staples Retailing Investment Theme: Dividends & Growth Company Profile From its origin in 1914 as a Western Australian farmers' cooperative, Wesfarmers\u2026","rel":"","context":"In &quot;Australian Growth&quot;","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17928,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/02\/26\/wesfarmers-ltd-wes-2\/","url_meta":{"origin":17466,"position":2},"title":"Wesfarmers Ltd (WES)","author":"Colin Twiggs","date":"February 26, 2019","format":false,"excerpt":"Stock: Wesfarmers Ltd Exchange: ASX Symbol: WES Date: February 26, 2019 Latest price: $32.70 Market Cap: $36.957 bn Fair Value Estimate: $28.25 Forward P\/E: 16.4 Fair Value Payback: N\/A Financial Y\/E: June 30 Rating: Sell Sector: Consumer Cyclical Industry: Home Improvement Stores Investment Theme: Growth & Dividends Structural Trends: N\/A\u2026","rel":"","context":"In &quot;Australian Growth&quot;","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17930,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/02\/27\/coles-group-ltd-col\/","url_meta":{"origin":17466,"position":3},"title":"Coles Group Ltd (COL)","author":"Colin Twiggs","date":"February 27, 2019","format":false,"excerpt":"Stock: Coles Group Ltd Exchange: ASX Symbol: COL Date: February 27, 2019 Latest price: $11.53 Market Cap: $15.38 bn Fair Value Estimate: $10.90 Forward P\/E: N\/A Fair Value Payback: N\/A Financial Y\/E: June 30 Rating: Hold Sector: Consumer Staples Industry: Food Retail Investment Theme: Dividends & Growth Structural Trends: N\/A\u2026","rel":"","context":"In &quot;Australian Growth&quot;","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17001,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/06\/woolworths-group-ltd-wow\/","url_meta":{"origin":17466,"position":4},"title":"Woolworths Group Ltd (WOW)","author":"Colin Twiggs","date":"September 6, 2018","format":false,"excerpt":"Stock: Woolworths Group Ltd Symbol: WOW Exchange: ASX Financial Year-end: 30 June Latest price: $28.24 Market cap: $37.2 billion AUD Date: 6 September 2018 Sector: Consumer Staples Industry: Food & Staples Retailing Investment Theme: Dividends & Growth Company Profile Woolworths is Australia's largest retailer, operating supermarkets in Australia (more than\u2026","rel":"","context":"In &quot;Australian Growth&quot;","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36903,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/08\/25\/coles-group-col\/","url_meta":{"origin":17466,"position":5},"title":"Coles Group (COL)","author":"Colin Twiggs","date":"August 25, 2022","format":false,"excerpt":"Coles Group Limited (COL) operates the second-largest supermarket chain in Australia, behind market leader Woolworths, and is the country's second-largest liquor retailer. The group has an extensive store network of about 2,500 store outlets, with about 110,000 employees. We reduced our fair value estimate by 8%, to A$15.05, based on\u2026","rel":"","context":"In &quot;Australian Growth&quot;","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=17466"}],"version-history":[{"count":4,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17466\/revisions"}],"predecessor-version":[{"id":33369,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17466\/revisions\/33369"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=17466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=17466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=17466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}