Ceconomy : Wait for a better entry point before going on shopping spree
>We initiate coverage on Ceconomy with a Negative credit opinion and a Reduce recommendation on the 2026 senior unsecured notes. We believe that on paper Ceconomy is attractive against the market and retail peers. But because of constrained purchasing power and the weakening consumer sentiment, negative guidance by key suppliers and the volatile market sentiment this year, there is likely a better entry point. We imagine that notes will fall clearly below 70% in 2023. The...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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