Shares of Booker Group (BOK), which supplies convenience stores, have re-rated to a price-to-earnings multiple of 20 times, versus the high 20’s in the not so distant past. Curiously, that comes, in part, as a result of investors – somewhat oddly – perceiving it as an online retailer. More justifiably, markets are cognizant of the fact that the company’s margins did take some damage from the “supermarket wars”.
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