GEORGE WESTON LTD. $63.25 (Toronto symbol WN; Shares outstanding: 129.1 million; Market cap: $8.2 billion; SI Rating: Above Average) operates in two distinct divisions: Weston Foods, which includes 31 fresh and frozen bakery plants in Canada, and seven plants in the U.S. producing frozen-baked goods, as well as biscuits, cookies, ice-cream cones and wafers; and a 62% interest in Loblaw Companies, Canada’s largest grocery-store operator and a leading seller of general merchandise, drugs and financial services.
Late last year, Weston sold its Neilson Dairy subsidiary to Saputo Inc. for $467 million. Earlier this year, the company sold its U.S. fresh bread and baked goods business for $2.5 billion U.S.
In the three months ended December 31, 2008, Weston’s revenue rose 11.4%, to $8.1 billion from $7.2 billion a year earlier. Driven by a $281-million gain on the Neilson sale, earnings more than tripled, to $356 million, or $2.68 a share, from $110 million, or $0.75 a share. However, if you exclude all one-time items, earnings per share still rose 45.2%, to $0.61 from $0.42. Loblaw has undergone a significant restructuring in recent years, and it is now helping Weston’s results.
Weston has as much as $4 billion in cash, which it could use to increase its stake in Loblaw. It could also make acquisitions, including grocery-store chains in western Canada or the U.K. The company may also increase its dividend or pay a special dividend.
George Weston is now a buy.
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