date:Jan 11, 2013
rogress in steps not leaps
Tesco had the capability to further cut its capital expenditure, while progress was more likely to be in steps than leaps.Investing ahead of depreciation should progressively allow more shareholder-friendly initiatives, such as deleveraging (reducing debt) and underscoring more sustainable dividend flows, said Black and Shirley.
They also highlighted the potential to restart share buy-back that could significantly gain momentum in the medium-term.
Shore Capital repe