George Weston’s strategy is ultimately tethered to Loblaw (98% of revenue), its controlling retail subsidiary, which we do not view as competitively advantaged. Although the holding company also controls Choice Properties, a real estate investment trust that contributes just shy of 20% of EBIT, this property portfolio relies heavily on Loblaw, which accounts for nearly two-thirds of its revenue. Consequently, we view George Weston as a proxy for Loblaw, and its success depends on the retailer’s ability to defend its market standing.