Sobeys

The cheapest of the bunch. Not a bad defensive investment.

By the parent company, instead. Empire Corp. Has better assets, and a better mix of stuff.

Prefers the management teams on Loblaws (L-T) and Metro (MRU.A-T) because of their history of better execution. Some day, this will be a wonderful turnaround but, the question is when.

Doesn't like the whole sector. This company missed out on the A & P acquisition. The big risk is the headline worry of Wal-Mart coming in.

Sobeys has reported earnings which are in-line. They are positive. They have had a trying time as Walmart comes in with its big box stores. Hold if you own, but don't buy right now.

Prefers Loblaws (L-T) and the reach they have. Likes the way they have gone head to head with Wal-Mart (WMT-N). There isn't a better managed company in the food sector. Also prefers George Weston (WN-T).

Speculation that this and Metro (MRU.SV.A-T) might be involved with the purchase of A&P Canada.

Generally likes the grocery area. Thinks they will do fine. Currently having a little bit of difficulty with their margins being squeezed. Sales have gone up.

Model price is about $38. Doesn't qualify for their current portfolio.

Food market in eastern Canada is extremely competitive. For them to grow, they have to do it on a long term basis and doesn't think it will give much return.

Its problem is that they have Loblaws as a competitor. Has a habit of blowing up every once in a while. Would prefer Loblaws which has higher valuations, buy pays off.

In the broad context of the market, this is a nice place to hide. Won't be as volatile as many other sectors. Would rather own Loblaws or Metro, especially Loblaws.

Not interested in owning either Sobeys or Loblaws. Not a fan of the retailing food industry.

Grocery business is a tough industry to make money in. Loblaws has the economic clout, geography and management experience to dominate any market. Margins are being hurt.

Has been undergoing margin pressures preparing for Wal-Mart. About 10 X next year's earnings, so is very cheap. Wait to see when Loblaws margin compression comes to an end.

Cheap on a fair market value but, the earnings forecast trend has been going down, down, down. Also had a technical breakdown.

In an even more precarious shape than Loblaws Re: Wal-Mart. Have also had execution issues.

Should be worth closer to fair value of $40. Could go higher. Good company at great price.

Have a lot of work to do to meet the competition.

Has expanded into Ontario by buying smaller chains but feels they are finding this new market's competition tougher than expected. Margins and earnings have suffered. Loblaws is now moving into the Maritimes.

Has had to struggle. Loblaws is a very strong competitor. A solid company, but there are more exciting places to invest.

Has grown in Ontario my acquisition which is expensive. Loblaws have been giving them strong competition in Ontario and out east.

It's very cheap at 10X next year's earnings but, has a black cloud over it because of the black out last summer. Over the long term, could be a very interesting buy.

Not a bad company, but they are up against the juggernaut, Loblaws.

Would prefer Loblaws. Sobey’s could be affected more by competition.

Good operators. Have paid down the debt that was created by their acquisition. They tripped in the last quarter and blamed the blackout. This is questionable. Longer-term should do well. Would prefer Loblaw's.

They have too many issues. Expect the price will be cheaper down the road.

Prefers Loblaws.

Profit warning in its last quarter. Cheap at 10 X earnings, but a “Show Me” story. Expect it will tread water for a while.

Have had a setback in earnings. Have done a pretty good job of consolidating the IGA stores. A pretty sound investment for the stable portion of someone's portfolio.

Trading at around 10/11 X forward earnings. Had some disappointments in the last two quarters. The market is in a “ show me” mode. Good management. Will have to demonstrate for a couple of quarters.

Prefers Loblaw's. Having some trouble getting growth.

Valuation is very cheap. Last two quarters, they had some disappointments. Trading around 10/11 X forward earnings. Have to start showing some growth.

Earnings disappointed the street and the quarter having the blackout hasn’t even been reported yet. Have been losing some market share.

Will take a hit on inventory loss because of hydro failure. Expects more tough quarters.

Dropped because they didn’t meet expectations. May have been oversold.

Expects management will continue to deliver.A decent investment.

(Was a top pick on June 18/03.No change.)Picked because it was a laggard, but is still lagging.Very cheap.A good safe place to be.

In the long-term, a strong management group.Has done very well.Not a bad story, but not a sector they're investing in right now.

(Was the top pick.April 9, 2003.No change.)While the rest of the market has gone up Sobeys has dropped.A good buying opportunity.P/E of 12.

Looks reasonably priced. Concerned as to whether it can maintain the profit growth. Strong balance sheet.

Doesn't have the glamour or size of Loblaws, so there is a discount. A solid company. Good asset, but not moving much.

Cheap and has decent upside potential. A good defensive play.

Well run. Prefers Metro. Good price. Solid company. Half the multiple of Loblaws. Some growth.

Great company. Stable. Slow growing.

(Was a top pick on Mar 6/03. Down 2.8%.) Has lagged a bit. Should have a couple of years of decent earnings growth. A safe place to be.

Good price and growth potential. Expects 10/15% upside.

Food retailers have been doing fairly well. Market share is holding fairly well. A good long term hold. Good price.