CUYTY - Colruyt: Is It A Grocery Chain Or A Real Estate Owner?

• Colruyt is a grocery retailer, but it owns the majority of its real estate.
• This represents a massive hidden value on the balance sheet as buildings already have been depreciated and land is valued at the purchase cost.
• The company continues to buy back stock, which consistently increases the stake of the Colruyt family in the business.
• The ownership of the real estate and solid balance sheet make this a low-risk option to gain exposure to the Belgian grocery retail market.

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