I have been a long term investor of both woolies and wesfarmers and currently don't hold, but am looking to get back in. There are four main criteria that I'm working on:
1. Cyclical quality.
2. New competition.
3. Value of Masters writedowns.
4. sentiment.
Bubby, I hear what you are saying with regards to quality, but I have found that the big two fluctuate in waves according to re-structures. The early 90's saw woolies re-vamp and create value for shareholders just as the mid-2000's saw the Goyder quality run through WES. The idea here is to watch for proven quality management. Can't see that currently.
Aldi and co have had a serious impact on the UK supermarket sector and I believe the impact on Woolies and Wesfarmers is currently being priced into the market and it's not over yet. I think WES has some share price drop left, WOW is getting close to value.
The last point I want to make, is regarding Masters. We now have Gerry Harvey and Korgan sniffing around the Masters properties. What will this mean for the write down value's. I'm guessing there is some upside left in the SP should the market have priced in too much pain.
4. The sentiment will return to the Woolies sector, but it's going to take some convincing given the above three factors. Profit/ Dividend movement's will be driving this imo.
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