Metro AG : Sale of activities in China, although justified, will be dilutive to the tune of 10% in EBITDA, bearing in mind that the Russian problem is not resolved
>Q4 2018-19 sales in line despite a further poor performance in Russia - Consolidated sales of € 7.6bn in Q4 2018-19 (+3.9% reported and +2.5% LFL), in line with our estimates (+2.6%e LFL) and those of the consensus (+2.3%e LFL). Germany (+0.6% in LFL), Asia (+5.7% in LFL) and Eastern Europe (excluding Russia) +5.2% in LFL are in line with expectations; Western Europe (2.2% vs 1%e) above expectations. Despite a further deterioration in Russia (-6.3% in LFL vs -3.5%e a...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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