Hornbach Holding : Upgrade to Buy, TP raised to € 62 (46); promising start to year after dis-appointing 2018-19; DIY and ICR execution show business model superiority
>Latest cost-saving measures increase visibility - We upgrade our rating on Hornbach Holding from Neutral to Buy. The company got off to a convincing start in its most important business quarter, Q1 (spring season), after the disappointing developments in 2018-19 that significantly weighed on its share price. Management is now back on track i/ coming to grips with the disproportionate rise in personnel and material expenses from Q4, ii/ reducing unnecessary investment...Hornbach Holding is engaged in the development and operation of do-it-yourself (DIY) megastores with garden centers on an international basis. In addition, Co. and its subsidiaries are engaged in the construction materials and builders' merchant business. Co. operates within two segments: retail business and its real estate business. As of Feb. 28, 2014, Co. was operating a total of 49 DIY megastores with garden centers in eight countries outside Germany.
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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