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Quick, make a pick: Dis-Chem or Clicks?


Quick, make a pick: Dis-Chem or Clicks?

Which one has the languishing share price, while the other is looking decidedly over-valued?

Chris Gilmour

Dis-Chem Pharmacies is one of the better shopping experiences in SA and a destination brand. Prices are keen, shelves are well stocked with appealing goods, and service levels are high.

Yet its JSE share price performance (https://www.sharenet.co.za/v3/quickshare.php?scode=DCP) since listing three years ago is lacking, contrasting with competitor Clicks (https://www.sharenet.co.za/v3/quickshare.php?scode=CLS) which has at least doubled during the same time.  

Dis-Chem’s August 2019 interim results were poor. Headline earnings per share fell by 39% from 50.7c to 31c, but if one-offs are excluded, the decline is a smaller 6.8%. But whichever way the results are looked at, they are nowhere near the solid, predictable pattern of Clicks...

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