De la décote de holding au risque du spin-off - ACHAT - OC 23€
Nous ne nous faisions pas trop d’illusions sur l’écho initial du spin off de Metro. Mais de là à créer une vague de dégagements englobant les 2 composantes qui en sont issues, Metro WFS et Ceconomy sans discernement, il y avait un pas dont le franchissement a de quoi surprendre. Ce désintérêt en bourse associe le peu d’appétence pour le secteur du mass retail en Europe, et l’inertie d’un dossier qui reste discuté. Cela n’enlève rien à la légitimité d’une scission de nature à renforcer la valeur stratégique des entités concernées dans un contexte de deleverage financier et de normalisation fiscale déjà bien visible dans l’amélioration des résultats avant division même si le marché n’en a pas tenu compte. Le réalisme devrait finir par l’emporter, toute la question étant de savoir quand ?Metro AG, formerly Metro Wholesale & Food Specialist AG, is a Germany-based international wholesale and food service business group and dedicated food specialist with a customer base in wholesale in approximately 35 countries in Europe and Asia. The Company business is carried out by two operating segments: the METRO Wholesale segment and the Real segment. The Company operates also as a retailer in the hypermarket segment of German grocery retail market. The Company operates internationally under brands METRO and Real. The Company operates approximately 751 warehouses in 25 countries and approximately 79 delivery depots. The Company also provides foodservice distribution via Classic Fine Foods group, Rungis Express group and Pro a Pro group.
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