Report

O’KEY Group - Discounting Russia

O’KEY’s H118 results confirm a business model in the process of modifying its channel mix through an accelerated roll-out of new DA! discounters. While Russian markets remain challenged, scale investments increase the company’s purchasing power and operational efficiency, reinforcing strong cost management. EBITDA margins continue to be driven by an increase in DA! profitability, supporting market forecasts of strong PBT growth of c 35% over the next three years.
Underlying
O Key Group

O'key Group is a Russian retailer. Co.'s principal business activity is operation of retail chain in Russia under brand name O'KEY. Co. provides customers with fresh produce (fresh foods and delicatessen products) and non-food goods (cosmetics, clothing, shoes, household cleaning products, domestic appliances, toys, sports and fitness products, etc.). Co.'s stores follow two formats: hypermarkets and supermarkets. Co. manages approximately 71 stores (42 hypermarkets and 29 supermarkets) across North Western, Southern, Central, Urals and Siberian regions.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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