Metro AG : Questions on the recovery in Russia persist and the disposal process of Real is complex
>Q2 2018-19 results: broadly in line, but recovery in Russia is taking longer than expected - Consolidated sales totalled 6,752m, +0.2% reported o/w +1.2% LFL vs 1.1%e estimated by ODDO BHF (consensus +0.7%). Stripping out the calendar effect, LFL of +2.3%, in line with the Q1 performance.Another commercially challenging quarter for the group in Russia, currently executing a commercial repositioning, with LFL at -4% (vs -3%e), i.e. a deterioration vs Q1 (-2.4%). ...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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