A: I think you will see Woolworths cheaper than $26 to $27. And, while the dividend for the second half of 14/15 will probably hold up, a cut to the dividend in 15/16 can’t be ruled out.

Even if they don’t fall in price from here, I think Woolworths shares will lag in any market rally (underperform). The supermarket wars are by no means over.

Have a look at my article on Switzer Daily.