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.
Frequency of research reports
Research reports on
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).
Q1 with no surprises
21 Apr 17
JM released robust Q1 sales growth mainly driven by the Polish Biedronka. Total sales edged up by 9.0% to reach €3.7bn. However, in Portugal, the picture was rather mixed as Pingo Doce suffered from the highly competitive context but Recheio seemed to be less sensitive. JM managed to enhance slightly its EBITDA margin to 5.2% (vs. 5.0% in 2016). Q1 net income remains flat at €78m. Net debt increased (but still negative) due to higher gross debt and lower cash. The cash flow generation capacity was affected by the increase in both capex and working capital requirements. The dividend payment (€380m in line with our expectations) will take place in Q2 17.
Historical accounting fines pulled down Tesco's profit
12 Apr 17
Tesco released its FY2016/17 results which showed 2.7% organic sales growth yoy to £55,917m and underlying operating profit of £1,280m, i.e. a 2.3% margin. During this year, Tesco succeeded in enhancing its UK lfl growth, although rather stunted in the Q4. This has sustained its domestic business profitability, improving by 50bp to 1.8% the underlying operating margin. The latter contributed 63% vs. 53% to the group’s underlying operating profit. However, Tesco has taken a total exceptional charge of £235m in respect of the Deferred Prosecution Agreement (DPA) of £129m, the expected costs of the compensation scheme of £85m, and related costs. Thus, the net result came in at £-40m. Net debt decreased to £4.5bn following the lower gross debt and slightly better cash flow generation. However, the balance sheet remains stretched due to the ballooning pension deficit, which more than doubled to £6,621m. It is worth mentioning that the UK defined benefit deficit represents 98% of the group’s deficit. This came after the plunge in bond yields to record lows amidst the deterioration in the UK growth outlook.