乐购（TSCO）：初步观点：一年的美好开端

May 13, 2025April 10, 2025February 28, 2025 Frederick Wild * | Equity Analyst44 (0)20 7029 8716 | fwild@jefferies.comJames Grzinic ^ | Equity Analyst44 (0) 20 7029 8667 | jgrzinic@jefferies.comBhumi Kanabar * | Equity Associate+44 (0)20 7029 8201 | bkanabar@jefferies.com Company DescriptionTescoTesco PLC is one of the largest grocers worldwide. The group is the market leader in the UK (c.80% of group sales), Ireland, and Hungary,and occupies a top 3 position in Poland. Tesco's strategic priorities centre around rebuilding UK margin and selectively growing internationaloperations. The group also includes Booker Group, a UK wholesaler.Company Valuation/RisksTescoValuation: Our 440p PT reflects a cal 2026E P/E of 14.6x, an EV/EBITDA of 6.2x, and a FCY of 6.4%. 14.6x P/E is above the peer group average.Downside risks: Major inflation in input costs, deteriorating UK macro environment, COVID-19, reversal in volume gains, big step-up in priceinvestment at peers, UK consumers trading down.Analyst Certification:I, Frederick Wild, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, James Grzinic, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Bhumi Kanabar, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Frederick Wild is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:James Grzinic is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject tothe FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Bhumi Kanabar is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more withina 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security priceconsistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 1