MBWS: Still a lot of uncertainties
MBWS: (NEUTRAL, Fair Value EUR6,5 vs. EUR6,8 (-9%))Still a lot of uncertainties
Last Thursday, group announced it is still in the process to renegotiate its credit lines. In the meantime, it has obtained loans for a total amount of EUR15m. MBWS also released Q1 2018 sales of EUR82.2m, down 0.8% in reported and 1.6% in organic. The Branded business (57% of total sales) which is the only profitable one posted an organic sales decrease of 19.7% mainly due to Poland (-61.8% org). In view of this disappointing performance, we cut our estimate for organic sales growth in 2018 from 4.6% to 2.3%. Our Fair Value is adjusted from EUR6.8 to EUR6.5. The stock is likely to remain under pressure as long as an agreement with financial partners is not found and a new CEO with a clear strategic direction is not on board.
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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