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    SBRY   GB00B019KW72

J SAINSBURY PLC

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Sainsbury's ends talks on selling banking operation

10/22/2021 | 02:48am EST
FILE PHOTO: A person walks past a Sainsbury's store in Milton Keynes

LONDON, Oct 22 (Reuters) - British supermarket Sainsbury's said on Friday it had ended talks about selling its banking operation after concluding that approaches it received in November 2020 did not offer good value for shareholders.

"Whilst the Board of Sainsbury's believe that it was in the best interests of shareholders to explore these expressions of interest, it has concluded that these do not offer better value for shareholders than will be realised through retaining Sainsbury's Bank," it said.

Sainsbury's, Britain's second-biggest grocer, started exploring the sale of the bank a year ago as ultra-low interest rates and COVID-19 disruption increased pressures on the business.

British banks including Barclays, Lloyds Banking Group and Natwest were among possible suitors, a source familiar with the matter said in November last year.

Sainsbury's said it was making progress in simplifying the business, which it launched in 1997.

It added it was comfortable with consensus profit forecasts for the division, which stand at 26 million pounds ($35.9 million) for the current financial year. ($1 = 0.7250 pounds) (Reporting by Paul Sandle; Editing by James Davey and Himani Sarkar)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -1.38% 206.9 Delayed Quote.12.19%
BELIEVE -5.26% 15.594 Real-time Quote.-2.59%
J SAINSBURY PLC -2.48% 291.3 Delayed Quote.8.30%
LLOYDS BANKING GROUP PLC -1.27% 53.68 Delayed Quote.13.74%
NATWEST GROUP PLC -0.68% 249.6 Delayed Quote.11.34%
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Financials
Sales 2022 29 810 M 40 579 M 40 579 M
Net income 2022 515 M 701 M 701 M
Net Debt 2022 6 357 M 8 654 M 8 654 M
P/E ratio 2022 12,1x
Yield 2022 4,11%
Capitalization 6 745 M 9 194 M 9 182 M
EV / Sales 2022 0,44x
EV / Sales 2023 0,42x
Nbr of Employees 117 000
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Mean consensus HOLD
Number of Analysts 18
Last Close Price 2,91 GBX
Average target price 282,47 GBX
Spread / Average Target 9 597%
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Managers and Directors
Simon John Roberts Chief Executive Officer & Director
Kevin O'Byrne Chief Financial Officer & Director
Martin A. Scicluna Chairman
Richard Philip Newsome Chief Technology Officer
Phil Jordan Group Chief Information Officer
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