Beter Bed Holding : TP and Outperform reiterated on unchanged medium-term assumptions
>Adjusted for Sängjätten, sales, EBIT(DA) and net profit fell short - With Sängjätten being earmarked as a discontinued operation, Beter Bed’s H1 2021 sales, EBIT(DA) and net profit came in below our forecasts. Sales growth was pretty much as expected, though Beter Bed’s gross profit margin was actually higher than our forecast. However, because of higher growth in operating expenses compared vs growth in gross profit, EBIT(DA) and net profit were lower than expected....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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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