MBWS: Model update post the warning at the beginning of September
MBWS: (SELL, Fair Value EUR4,8 vs. EUR5,8 (-10%))Model update post the warning at the beginning of September
At the beginning of September, the group issued a profit warning. It is now expecting an H1 2018 EBITDA between -EUR20m and -EUR23m and a 2018 EBITDA between -EUR20m and -EUR25m. Half of this downward revision is due to Poland. MBWS has taken longer than expected to sign contracts with wholesalers in the traditional trade while the modern trade proved to be more competitive. On top of that, the Lancut distillery should only be operational at the end of Q4. Our FV is cut to EUR4.8. We maintain our Sell recommendation.
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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