Neptune founder and CEO Robin Geffen said UK supermarkets are still up to 40% overvalued despite a tumultuous few years, due to their "broken" business models.
The manager (pictured) of the group's £328m Global Equity fund said he continues to avoid food retailers, and warns investors will need to be "selective" within UK equity markets in the years to come. "We continue to intensely dislike food retailers in the UK," he said. "Both Sainsbury's and Tesco are 30% to 40% overvalued, even though they have had an absolute clattering over the last two years. Their business models are broken and they need to reinvent themselves." The supermarket giants have suffered as they lose market share to discount rivals Aldi and Lidl. Tesco shares also t...
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