Colruyt : End of the share buyback plan: towards a return to a more rational valuation – the 27% premium vs the sector, looks excessive, in our view
>2017-18: a shade above expectations due to a more favourable competitive environment in H2 - Consolidated sales (€ 9,031m), +3.4%, incl. 2.8% organic excl. petrol, in line with our expectations. Growth of 10bp in market share in Belgium to 31.8% in 2017, but with a slight contraction in H2. Consolidated EBITDA (€ 734m), up 5.3% on an organic basis, 6.9% above our estimates of € 687m. Consolidated EBIT (€ 488m), +4.5% on an organic basis, 6.5% above our forecasts (€ 4...Etablissements FR Colruyt is engaged in wholesale, food service, distribution of fuels, production of electricity and digital printing. Co. has three operating segments: retail, which relates to stores under Co.'s own management which directly sell to retail customers and bulk consumers; wholesale and foodservice, which supplies to wholesalers, commercial customers and affiliated independent merchants; and other activities, which operates gas stations, engaged in printing and document management and provides alternative energy.
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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