CECONOMY: Feedback from roadshow with management | NEUTRAL | EUR4,4(+109%)
CECONOMY - NEUTRAL | EUR4,4(+109%)Feedback from roadshow with management
Caution regarding in-store sales recovery while e-commerce is about to jump c.6pts in sales mix
Towards a clearer FY guidance by August
Although not yet presented, the strategic plan is still valid
Moves with Fnac Darty or the Kellerhals are not the priority
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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