Report

Colruyt : Fin du plan de share buyback: vers un retour à une valorisation plus rationnelle – la prime de 26% face au secteur nous semble excessive

>Exercice 2017/18 : un peu au-dessus des attentes en raison d’un environnement concurrentielle plus favorable au S2 - CA consolidé (9 031M€) +3.4%, dont 2.8% en organique hors essence, en ligne avec nos attentes. Progression de 10bp de la part de marché en Belgique à 31.8% en 2017, mais avec un petit tassement au S2. Ebitda consolidé (734M€) en croissance de 5.3% en organique, 6.9% au-dessus de nos attentes de 687M€. Ebit consolidé (488M€) +4.5% en organique, 6.5% sup...
Underlying
Etablissementen Franz Colruyt N.V.

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.

Provider
Oddo BHF
Oddo BHF

​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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