Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on METRO AG. We currently have 16 research reports from 1 professional analysts.
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Q1 16/17: not too exciting
03 Feb 17
Sales in Q1 16/17 reached €16,986m (-0.6%, -0.4% at CER and +0.1% lfl), EBITDA €1,055m (+0.7%), EBIT before special items €821m (-0.8%), net result before special items €381m (+3.8%) and net profit €200m (-63.7%). Net debt at the end of Q1 was unchanged at €0.1bn. For the full year, the group anticipates a slight rise in sales despite the “persisting challenging economic environment” and a slightly better performance than in FY15/16 at Real.
Not so much news at the group’s CMD, but some extra confidence
16 Dec 16
Metro held its Capital Markets Day at which the two businesses to be separated next year were presented: “Ceconomy”, as the consumer electronics business is to be named (formerly Media-Saturn), and “Metro” now specifically referring to the wholesale and food business.
FY15/16 in line; waiting for the demerger now
14 Dec 16
Metro released FY15/16 results. Sales reached €58.4bn (-1.4%, +0.4% at CER and +0.2% lfl), bang in line with consensus and our numbers. EBIT before special items reached €1,560m (+3.2%), EBIT €1,513m (vs €711m) and net profit €657m. Lastly, net debt at the end of FY15/16 reached €2,301m. The dividend proposed is €1.00 (unchanged).
Roughly in line with our expectations
23 Feb 17
JM announced FY 16 net result of €593m, of which €232m related to the Moterrorio disposal as exceptional items. The EBITDA margin increased to 5.9%, boosted by the good resilience of Biedronka’s profitability. The cash flow situation improved, leading to a negative net debt. Thanks to stronger cash flow generation, the company proposed a €0.60 dividend per share (flat compared to last year, including the distribution of free reserves of €0.375 per share).
15 Jan 15
Booker has announced a Q3 IMS with trading in line with our expectations. LFL sales growth increased 2.5%, with tobacco sales up 2.4% (a significant improvement on the last quarter) with non-tobacco sales increasing 2.6%. The turnaround of Makro continues and non-tobacco sales declined by 6.5% as Booker exit’s unprofitable lines, whilst 9 Makro stores have converted into a new, improved format. The outlook for profits and net cash for the year remains in line with management’s expectations. Following today update we leave our 2015 forecasts unchanged. We retain our Hold recommendation and 150p target price.
N+1 Singer - Conviviality - Delivering against strategy
30 Jan 17
Interims are robust and broadly in line with our expectations. The 4.4% LFL sales growth and positive KPI’s on customer wins and higher spend per outlet demonstrate that the strategy is working. H2 has started very well with good momentum across all 3 divisions as the new MD’s begin to have a positive impact. With PBT 2/3rd H2-biased we make no major forecast changes but see the risk on the upside. The shares are up 21% YTD but given the positive overall tenor and valuation read-across from the Booker/Tesco deal (24.5x P/E), CVR remains inexpensive on a cal’17 P/E of 11.2x with a 5% DPS yield and a 3 year EPS CAGR of 24%. We stay at Buy with a 290p TP.
Have investors checked out too early?
26 Feb 16
While some of the share price decline from 8p in December can be attributed to dilution from the placing announced that month and general market risk aversion, the current market cap of c.£8m appears not to recognise the progress in establishing a global brand, a range of unique accommodation formats and an ever expanding event programme, moving towards profitability and with exciting prospects.
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.