Ceconomy : Uncertain 2023 ahead, low goods margin, downgraded to Underperform
>Final Q4 in line with preliminaries - Yesterday, Ceconomy reported final Q4 2022 results in line with preliminary numbers which were released on 26 October. In Q4 2022 (ending 30 September), sales increased 4% y-o-y on a like-for-like basis to € 5.2bn, driven by western/southern Europe (up 5%) and eastern Europe while DACH sales decreased (down 2%). Other highlights: online sales grew 6% and services and solutions was up 23%. Adjusted EBIT came in at € 95m, implying ...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.
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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