Metro AG : Hors aspects spéculatifs, le titre nous semble généreusement valorisé
>Résultats du T1 2018/19 : en ligne avec les attentes - Pour un CA de 8 017 M€, -0.6% en déclaré mais +2.3% en LFL, le groupe a publié un EBITDA (hors plus-values immobilières) de 470 M€ au T1 2018/19, -6.7% en déclaré et -3.4% en organique, en ligne avec les attentes du consensus (472 M€). Ce chiffre intègre un ‘one off’, dont le montant n’a pas été chiffré (low double digit), d’où une réalisation hors exceptionnel qui ne doit pas être éloignée de nos estimations (45...Metro AG, formerly Metro Wholesale & Food Specialist AG, is a Germany-based international wholesale and food service business group and dedicated food specialist with a customer base in wholesale in approximately 35 countries in Europe and Asia. The Company business is carried out by two operating segments: the METRO Wholesale segment and the Real segment. The Company operates also as a retailer in the hypermarket segment of German grocery retail market. The Company operates internationally under brands METRO and Real. The Company operates approximately 751 warehouses in 25 countries and approximately 79 delivery depots. The Company also provides foodservice distribution via Classic Fine Foods group, Rungis Express group and Pro a Pro group.
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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