Report
Clement Genelot

CECONOMY | NEUTRE , EUR10.4j | Laissez passer l’orage (initiation de couverture)

La récente prise d’indépendance de Ceconomy lui a donné les armes pour engager une recovery qui mettra néanmoins du temps à se matérialiser. A plus court terme, les nombreux risques qui pèsent sur 2018 incitent à la prudence. Nous initions donc la valeur à Neutre (FV 10,4€), malgré un upside théorique élevé. Nous continuons de favoriser Fnac Darty (Buy, FV 108€) dont le modèle semble plus adéquat et le momentum plus favorable au vu des potentiels partenariats à attendre.
Underlying
CECONOMY AG

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Clement Genelot

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