The high-profile stockbroker has told clients he does not know what the strategy is behind the Endeavour-owned liquor retailers pivot to high-priced bottles.
Angus Aitken took a short trip from the Aitken Mount Capital Partners offices to Dan Murphy’s high-end Sydney CBD store on Martin Place – and he appears to be unimpressed about what he saw.
“When we first wrote about it a week or so ago, we said needs to change the board and CEO or the stock is going nowhere, and the stock continues to drift lower and the stock price is so underwhelming … you can see why people think it could be taken private,” Aitken wrote in a new note this week, in which he calls for management and the board to change.
Wavish and Mathieson have criticised the shift away from so-called category killer formats for Dan Murphy’s and are unhappy with how the retailing division is running. That is a sentiment Aitken agrees with.
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