CECONOMY (AO) | Accept Offer | Q2 EBIT beat offsets softer DACH trends, FY outlook confirmed

研报英文原文证据摘录

CECONOMY (AO) | Accept Offer | Q2 EBIT beat offsets softer DACH trends, FY outlook confirmed

CECONOMY Accept Offer | Target Price: EUR4.60

Company description Management

Ceconomy operates the MediaMarkt and Saturn retail banners across 13 Dr. Kai-Ulrich Deissner, CEO

countries, making it Europe’s largest consumer electronics retailer. The group Remko Rijnders, CFO

holds leading market positions in nine European markets and combines a broad Christoph Vilanek, Chairman

store network with strong online capabilities. Ceconomy also owns strategic Key shareholders

stakes in other retailers, including 24.2% of Fnac Darty, 15% of M.Video, and 1% Free float 28.45%

of Metro AG. Convergenta Invest GmbH 27.98%

Haniel Family 16.70%

Meridian Stiftung 11.11%

Investment case Valuation methodology

We believe CECONOMY will benefit from the consumer JD.com, through its wholly-owned subsidiary Jingdong Holding

electronics market recovery in the DACH region and Western Germany GmbH, plans a EUR4.60-per-share cash takeover bid

Europe in 2025, coupled with the positive impact of its ongoing for all outstanding Ceconomy shares it does not own.

restructuring efforts. The offer is supported by irrevocable undertakings from key

While we see risks related to the execution of its ambitious shareholders, including Convergenta, securing 57.1% of shares

strategic plan, we expect the company to post strong earnings ahead of launch.

growth over the 2025-27E, supported by higher sales, lower Risks to our rating

inflation, and growth in services and private labels. More pressure on top line, lower product mix.

Therefore, we think that the stock's equity story has become Execution issues, given the sheer number of measures