BETER BED HOLDING - KBC Securities Company Note 08.11.2018 - Waking up from a beauty sleep
A convincing CMD combined with management’s eagerness to perform make us enthusiastic about Beter Bed’s prospects. We argue that the stock price came down too much. We lower our TP to € 6.5. Given the upside (47%) and favourable risk/reward balance we upgrade to Buy.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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