Reinitiating Coverage of Metro Under New Analyst
We are reinitiating coverage of Metro, a diversified German retailer, under a new analyst with a fair value estimate of EUR 35, providing some 12% upside from the current share price. We assign a no-moat rating, given intense competitive pressures in the firm’s businesses, and a negative moat trend rating, based on the growing influence of online sales, which is sharpening customers' price perceptions and increasing competition. Metro was late to develop the online channel: It is negligible at R...Metro is a holding company. Through its subsidiaries, Co. is engaged in retail and wholesale. Co.'s operations are divided into four divisions: Metro Cash & Carry, Real, Media-Saturn and Galeria Kaufhof. The Metro Cash & Carry division operates in the cash and carry sector in Europe, Asia and Africa. The Real division is a hypermarket operator in Germany where it operates both stationary stores and an online store. The Media-Saturn division provides an assortment of brand products in consumer electronics retailing. The Galeria Kaufhof division operates department stores in Germany and Belgium. Co. is also a property manager through METRO PROPERTIES GmbH & Co. KG.
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