Beter Bed Holding - Results marginally exceed, coverage dropped
• H1 23 sales were close to our estimates, results marginally exceeded thanks to lower than expected other costs. Order intake and orderbook point to a challenging Q3. • The offer price of EUR 6.10 was clearly above our TP and it is supported by all stakeholders and a large part of the shareholders. Hence, we expect the offer to be successful. Consequently, we drop coverage.Beter Bed Holdings is a holding company. Through its subsidiaries, Co. operates in the European bedroom furnishings market and offers mattresses, box springs, bed bases, bedroom furniture, bed textiles and other related items. Co.'s activities include retail trade through 1,159 stores that operate via the chains Beter Bed (active in the Netherlands), Matratzen Concord (active in Germany, the Netherlands, Austria, Switzerland, Belgium and Poland), El Gigante del Colchon (active in Spain), BeddenREUS, Dormaeel and Slaapgenoten (all three active in the Netherlands) and MAV (active in Germany). Co. is also active in developing and selling branded products in the bedroom furnishings sector.
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