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Metcash Ltd ASX:MTS

0 opened or increased5 held4 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 13 managers in total.

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20252026

11 May 2025 to today

Commentary Showing 2 of 32

DateManagerActionSummary

14 Sep 2026Pendal GroupHeldPendal Group continues to hold Metcash because the trading update covering the first 18 weeks of FY27, delivered at the company's AGM, showed improving sales momentum across most divisions, particularly Food and Convenience. The fund manager notes that underlying tobacco growth remains around 10% despite distortion from contract wins, with New South Wales joining Queensland in posting positive growth as enforcement against illicit tobacco sales intensifies. Pendal Group highlights that Hardware sales growth is running ahead of Bunnings and that the segment's downgrade cycle appears to be nearing an end, even though consensus applied 2% earnings downgrades due to a $10 million tobacco excise headwind, which the manager views as partly a timing issue ahead of productivity offsets in the second half. The stock trades on a 12 times price-to-earnings ratio with a 6.2% dividend yield.

Newsletter, price recorded $2.84

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9 Jul 2026Pengana Capital GroupHeldPengana Capital Group holds Metcash because IGA has become more price-competitive against major supermarket chains, while the liquor business benefits from a convenience-focused offering that competes effectively against big box retailers. The manager expects the hardware division to benefit from strong operating leverage in coming years, and credits management for proactively right-sizing the cost base across the group.

Article, price recorded $3.05

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Price at first mentionThe share price recorded when each of 13 managers first commented on MTS.

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Articles

14 Sep 2026Metcash Outperformed Woolworths and Endeavour, But Margins Are the Catch
29 Jun 2026Metcash MTS Fund Manager Commentary and Investment Thesis

About Metcash Ltd

Consumer Staples, Food and Staples Retailing

Metcash (ASX:MTS), the wholesale distributor behind IGA, Mitre 10 and Total Tools, is viewed by fund managers as defensive but facing earnings risk. In September 2026, Pendal Group reported Metcash's AGM trading update showed generally good sales numbers with improvement at most levels, particularly food, though the shares fell. Pengana believes IGA has become more price competitive with the major supermarkets and its liquor business is well placed. First Samuel described the FY26 result as defensive with food the standout, while Alliance Bernstein exited as earnings risk emerged. Metcash operates in the Consumer Staples sector within the Food and Staples Retailing industry, and Thesis Tracker has captured 30 comments from 12 fund managers, including Pendal, Pengana, First Samuel and Alliance Bernstein. Founded in 1927 and headquartered in Sydney, Metcash supplies independent supermarkets, liquor stores and hardware retailers across Australia.

Market cap: $3.5b
Price to earnings: 11.6x
Return on equity: 16.7%
Dividend yield: 5.9%
Price to book: 1.88x
Net margin: 1.6%
52-week range: $2.63 to $3.98

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Metcash Ltd (ASX:MTS)?

Fund managers including Pengana Capital Group, Maple-Brown Abbott, Contract Asset Management, Pendal Group, Antares Capital, Spheria Asset Management, Ten Cap, First Sentier Investors, Ellerston Capital, Contact Asset Management, Alliance Bernstein, First Samuel and Ralton Asset Management have invested in Metcash Ltd (ASX:MTS).

What opportunities or catalysts do fund managers highlight for Metcash Ltd?

Pengana and First Samuel highlight IGA's improved price competitiveness, a resilient food business and a well-positioned liquor network, while Pendal notes improving sales trends.

What are the key risks to the Metcash Ltd investment thesis, according to fund managers?

Alliance Bernstein exited as earnings risk emerged, and Pendal notes softer trading in May and share price weakness despite results in line with expectations, particularly in the hardware segment.

What does Metcash Ltd (ASX:MTS) do?

Metcash Ltd. is an Australian wholesale distribution company founded in 1927, headquartered in Sydney. The business supports independent retailers through three primary segments: Food, Liquor, and Hardware. The Food segment distributes goods to independent supermarkets and convenience stores. The Liquor segment supplies retail outlets and hotels. The Hardware segment provides hardware products to independent retailers and manages company-owned stores. Metcash focuses on wholesaling, distribution, and business support services, providing essential infrastructure for independent retail networks across Australia.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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