CEC GY, Updated Analysis, German Retailer Completes Spinoff (July 13), Updated Valuations
- Neither Post-Spin Entities (CEconomy AG & MWFS AG) Show Much Upside / 1HFY17 Financial Performance was Subdued
- Interference from Billionaire Founder of Media-Saturn Prompts Taxable Split
- Possible Inclusion of the Parent & Spinoff (MWFS) Post-Spin on the MDAX Index / Management Commits to Higher Payout
- Guidance Looks Overly Optimistic / Parent to Own 10% of Spinoff
- Weaker Russian Business / No Near-Term Catalysts
- Difficult to Meet FY17 Guidance Given Current Scenario / +10% Upside (Base Case)
- Metro AG Spinoff Completes Tomorrow (July 13), Parent Renamed to CEconomy AG with a New Ticker (CECÂ GY)
The Edge Group - Global Fundamental Catalyst Investing. The Edge provides investors with access to hidden corporate value from Global Special Situations using a pioneering approach to investments. Founded in 2005 by fund management and investment banking professionals to provide high quality, private equity-level research on Global Corporate Divestitures for the benefit of fundamental event-driven, growth and value-oriented investors in this difficult to track, but proven investment space.
The Edge will look to screen and analyze include Spinoffs; Reverse Morris Trusts; Squeeze Outs; Privatizations; Demutualization; Deep Discounted; Rights Issues; Rights Offering; Restructuring; Insider Purchases / Buying Change of Management / CEO Change; Deteriorating fundamentals; Post-Bankruptcy; Reorganization; Tender Offer; M&A Deals; Secondary Offering; Share Swap; Thrift Conversions; Share Buybacks; Activist; Mergers. All analyzed from a fundamental point of view.
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