Tesco PLC "Profit delivery intact; reiterate Buy" (Buy) Mahamkali

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Tesco PLC "Profit delivery intact; reiterate Buy" (Buy) Mahamkali

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Tesco PLC Equities

United KingdomProfit delivery intact; reiterate Buy

Food Retailers & Wholesalers

12-month rating Buy

Profit growth in line with expectations despite a soft start

TSCO delivered a slightly softer start to the year with the Q1 update. Tougher comps 12m price target 545p

from last year’s unusually strong weather and competitor disruption are likely to persist

somewhat into Q2 too. But the comments on good start to the year, underlying

Price (18 Jun 2026) 444p

operational strength, improving customer metrics and likely better 2H run-rate reinforce

our confidence that it is on track to deliver the EBIT expectations. The call also confirmed RIC: TSCO.L BBG: TSCO LN

our view that competitive intensity remains rational, and company prioritises profitable

Trading data and key metrics

share gains building on comments from ASDA and more recently MRW. We remain at

52-wk range 501p-396

the top end of the guidance of £3.0bn-£3.3bn EBIT at £3.25bn, supported by ongoing

self-help, a strong price position, and further traction in strategic growth adjacencies like Market cap. £29.4b/US$38.9b

Media/IMS. More broadly, TSCO’s consistency of execution, strong cash generation and Shares o/s 6,606m (ORD)

expanding ecosystem profit pools should continue to drive both earnings and valuation Free float 100%

support, in our view. We continue to see TSCO delivering prospective 12% TSR. The de- Avg. daily volume ('000) 18,368

rating back to c14x FY27e P/E, in line with its long-term average, points to a good entry Avg. daily value (m) £85.5

opportunity in our view.