CECONOMY: Urgent need for a CEO and a new strategic plan | NEUTRAL | EUR6,2(+53%)
CECONOMY - NEUTRAL | EUR6,2(+53%)Urgent need for a CEO and a new strategic plan
EBIT margin down 40bp especially due to Germany
Beyond 2018/19 guidance, a quantified strategic plan is needed
Still waiting for a captain at the helm
Neutral confirmed pending the arrival of new management
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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