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Coles Group is a household name in Australia, best known for operating one of the country’s largest supermarket and liquor store networks.
• The company has historically lagged its largest competitor, Woolworths, on both returns and valuation, however, the recent result demonstrated an important shift in performance.
• The company has made significant investments in automating its supply chain, drawing on precedents from offshore peers that have successfully implemented similar technologies. This has enabled Coles to deliver a step-change in cost leadership. Strong management, clear strategy, and effective execution have translated this capability into price leadership, which is expected to support market share gains and operating leverage over a number of years.
• As a result, margin and P/E multiple leadership is now shifting to Coles and Solaris expect the competitive shift to prove durable. Supported by disciplined management, robust balance sheet and strong execution, Coles is a key holding within the Solaris portfolio.
Source: Solaris Investment Management, December 2025
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