MBWS: Appointment of a new CEO unlikely to obliterate the operating performance
MBWS: (SELL, Fair Value EUR6 vs. EUR6,3 (-22%))Appointment of a new CEO unlikely to obliterate the operating performance
Last Friday, MBWS MBWS announced the appointment of Mr Andrew Highcock a CEO and published its Q2 2018 sales. Company also provided a guidance for 2018. Organic sales are expected to decrease over the year, with a gradual improvement in H2. 2018 EBITDA should be negative post a very significant decline in H1. Our FV is adjusted downwards from EUR6.3 to EUR6. Our Sell recommendation is maintained.
Marie Brizard Wine & Spirits is a wine and spirit company which is engaged in the production and distribution of wines and spirits mainly in Europe and in the U.S.A. Co.'s products can be divided into three categories: Vodka and Spirits, Wines, and Other beverages. Co. develops a portfolio of spirit brand with in particular: Youri Dolgorouki; Sobieski; Marie Brizard; Old Lady's; Berger; “PL Polonaise”; Starogardzka; Balsam Pomorski; Krakowska; Zawisza. Co. operates geographically in Poland, Western Europe, Lithuania, Bulgaria, and Other countries.
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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