CECONOMY: Profit warning for 2018
CECONOMY: (NEUTRAL, Fair Value Under Review ())Profit warning for 2018
As feared at the time of the Q3 publication, Ceconomy has issued a profit warning for 2018 following the hot weather observed in Q4 (July to September for Ceconomy), the alleged refusal of suppliers to follow Ceconomy in promotional operations financed by back margins to relaunch Q4 sales and the persistent soft German consumer electronics market. The consensus is likely to cut its estimates by 3-8%. Neutral confirmed as other elements may continue to burden the stock in the short-term and as this second profit warning over 2018 could also undermine investors’ confidence. FV placed under review pending the conference call at 8:00am CET.
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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