TSCDF - Tesco: Still Undemanding At 12x Earnings; 4.3% Dividend Yield

• Tesco shares are largely unchanged in GBP terms since I initially covered the firm in September, but the ADRs have declined noticeably due to the strong US dollar.
• Inflation, yet to peak, is an increasingly big issue for UK consumers and the group's cost base. Consumer behavior normalizing post-COVID could also contribute to softer near-term earnings.
• On the plus side, capital returns to shareholders have been upped, while these shares continue to trade on a fairly undemanding valuation. Buy.

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