Strong cash flow and recovery from the Hacking issues in Q1 were a relief. Higher taxes will be a headwind in H2, but management is still

Margin preservation has pushed Morrisons to source non-British beef. Price pressure in the UK is going to continue to rise, and

A new marketing director with a background in e-commerce is a good fit for Morrisons as it looks to combat the

If the rumour of a £200m sale and leaseback deal is true, this would add around £14m to interest costs. Morrisons has no

The company has an equal pay case similar to ASDA. If the workers are successful, we estimate the potential costs of £150m -

The ransomware attack on a supply chain IT provider will have a short-term impact, and not all costs will be recoverable. We expect the cash cost to

The potential closure of the Rathbones business surprises us, but selling a business where Morrisons is almost the sole customer may be

A sale of Morrisons' own label bread business would bring in £75m - £85m in our analysis. Not insignificant but not a

The refinancing is positive across the Morrisons debt stack. The new £1.2bn TLB will push much of Morrison’s maturities to November 2030 for

We remain positive about Morrisons. Q3 revenue growth was in line with our forecast, and whilst EBITDA margins were lower