Bankinter S.A. - Distribuidora Internacional de Alimentacion SA (DIA) DIA: The end of the beginning (Bankinter Securities)

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Bankinter S.A.

Javier Hombria

DIA: The end of the beginning (Bankinter Securities)

DIA (Sell, target Price: €0 / share) has just released some important news regarding its refinancing agreement, asset impairment test results, 2018 results and replacement of the CEO:

Refinancing agreement: DIA management states that is close to reaching an agreement which would translate into €200mn of new liquidity, and a capital increase (with subscription rights) of at least €600mn (which investment bank Morgan Stanley had already stated that it would underwrite).
Impairment test results: €110mn from goodwill and fixed assets, and €184mn from deferred tax assets. These provisions result in negative net equity at the end of FY 2018.
2018 results: DIA management confirms its 2018 FY estimate of adjusted EBITDA being in the range of €350mn – €400mn.
New CEO: Appointment of director Mr. Borja de la Cierva Álvarez de Sotomayor as new Chief Executive Officer of the Company, as a replacement of Mr. Antonio Coto. Mr. de la Cierva has been an independent director in DIA sicen September 2016. He previously held a management position (Deputy Purchase Manager) at El Corte Ingles.

28/12/2018 4 EN

Underlying

Distribuidora Internacional de Alimentacion SA

Distribuidora Internacional De Alimentacion is a supermarket and convenience store group based in Spain. Co. is engaged in the retail trade of food through cut-price self-service supermarkets and franchise establishments. Co. is engaged in the operation of stores located in Spain, France, Portugal, Turkey, Argentina, Brazil and China.

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ES0126775032 Madrid Stock Exchange Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

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Analysts

Javier Hombria

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