SMWH (WH Smith PLC) vs FTSE All Share Index Comparison

SMWH

FTSE All Share Index

Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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SMWH

FTSE All Share Index

Difference

1Y 3Y 5Y 10Y 15Y 20Y

SMWH

FTSE All Share Index

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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FTSE All Share Index

SMWH

TSCO

ULTA

DKS

601888

Add Stock

1Y 3Y 5Y 10Y 15Y 20Y

Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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WH Smith PLC
Glance View

Market Cap

1.5B GBX

Industry

Retail

From the cobbled streets of London in 1792, WH Smith PLC began as a small family-run news vendor, setting the stage for what would become a staple in British retail. Fast forward to today, the company operates with a dual approach: one foot firmly planted in travel locations—such as airports and railway stations—and the other in high street markets. This division allows WH Smith to capitalize on the bustling flow of travelers seeking quick, convenient purchases, while still maintaining a presence in the more traditional retail environment. Its travel sector, which has been a major growth engine, thrives on the steady customer stream needing essential items like snacks, reading material, and travel necessities, offering convenience at every pit stop. On the high street, WH Smith connects with consumers through its range of stationary, books, and impulse items, cultivating a niche that caters to everyday needs. This segment, despite facing increased online competition, continues to draw a devoted customer base looking for tangible items that are ready to hand. By embracing a hybrid business model, WH Smith PLC ingeniously merges the predictability of their high street core with the high-margin opportunities presented by travelers eager for last-minute purchases. This strategy provides the company with a balanced revenue structure, generating substantial profits through diversified channels while staying true to its historical roots as a retailer in the book and news sectors.

View SMWH Analysis

SMWH Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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US		Tractor Supply Co NASDAQ:TSCO	Select
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US		DICK'S Sporting Goods Inc NYSE:DKS	Select
CN		China Tourism Group Duty Free Corp Ltd SSE:601888	Select
CN		Pop Mart International Group Ltd HKEX:9992	Select
HK		Chow Tai Fook Jewellery Group Ltd HKEX:1929	Select
NL	G	Grandvision NV F:8GV	Select
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US		Bath & Body Works Inc NYSE:BBWI	Select
UK		JD Sports Fashion PLC LSE:JD	Select

US		Tractor Supply Co NASDAQ:TSCO	Add
US		Ulta Beauty Inc NASDAQ:ULTA	Add
US		DICK'S Sporting Goods Inc NYSE:DKS	Add
CN		China Tourism Group Duty Free Corp Ltd SSE:601888	Add
CN		Pop Mart International Group Ltd HKEX:9992	Add
HK		Chow Tai Fook Jewellery Group Ltd HKEX:1929	Add
NL	G	Grandvision NV F:8GV	Add
JP		Sanrio Co Ltd TSE:8136	Add
US		Bath & Body Works Inc NYSE:BBWI	Add
UK		JD Sports Fashion PLC LSE:JD	Add

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SMWH

vs

FTSE All Share Index

Stocks Performance
SMWH vs FTSE All Share Index

Performance Gap
SMWH vs FTSE All Share Index

Performance By Year
SMWH vs FTSE All Share Index

Competitors Performance
WH Smith PLC vs Peers

WH Smith PLC
Glance View

Company

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SMWH vs FTSE All Share Index

Stocks Performance SMWH vs FTSE All Share Index

Performance Gap SMWH vs FTSE All Share Index

Performance By Year SMWH vs FTSE All Share Index

Competitors Performance WH Smith PLC vs Peers

WH Smith PLC Glance View

Company

Help

Tools

Stocks

SMWH

vs

FTSE All Share Index

Stocks Performance
SMWH vs FTSE All Share Index

Performance Gap
SMWH vs FTSE All Share Index

Performance By Year
SMWH vs FTSE All Share Index

Competitors Performance
WH Smith PLC vs Peers

WH Smith PLC
Glance View