CECONOMY: Conference call feedback
CECONOMY: (NEUTRAL, Fair Value EUR8,5 vs. EUR8,9 (+27%))Conference call feedback
Following yesterday’s profit warning, we have reassessed our estimates (mostly for the DACH region) and now expect a 0.4% LfL and a 0.1% reported growth for 2018 with a EUR470m EBIT excluding Fnac Darty contribution this year (in line with the latest guidance). With EPS estimates cut by 8% in average over 2018-2020, we have lowered our FV from EUR8.9 to EUR8.5. Beyond 2018, we believe the current review of store network will lead to store downsizing and closures. Yet, the management’s comments during the call was not reassuring over the medium-term and supports our Neutral stance.
Metro is a holding company. Through its subsidiaries, Co. is engaged in retail and wholesale. Co.'s operations are divided into four divisions: Metro Cash & Carry, Real, Media-Saturn and Galeria Kaufhof. The Metro Cash & Carry division operates in the cash and carry sector in Europe, Asia and Africa. The Real division is a hypermarket operator in Germany where it operates both stationary stores and an online store. The Media-Saturn division provides an assortment of brand products in consumer electronics retailing. The Galeria Kaufhof division operates department stores in Germany and Belgium. Co. is also a property manager through METRO PROPERTIES GmbH & Co. KG.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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