Has Tesco become the most boring of the big four supermarkets? In less than 12 months chief executive-less Asda has found new owners, Morrisons is the target of a bidding war and speculation that private equity was running the rule over Sainsbury’s has led hedge funds to cut their short positions against the stock.
Amid the excitement, investors are getting impatient with Tesco. The shares have underperformed against their peers since the start of lockdown in March last year, despite delivering a 67 per cent total return and beating the FTSE 100.
Ken Murphy, the chief executive, has had a lot to contend with in his first 12 months in the job. But firming up cash allocation plans when the group announces interim results
