CECONOMY (1K) | Accept Offer | CMD sets new targets, including JD synergies

研报英文原文证据摘录

CECONOMY (1K) | Accept Offer | CMD sets new targets, including JD synergies

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Release date: 10 July 2026

Company research

ESG profile Accept OfferCECONOMY

Germany | General retail MCap: EUR2.0bn

Target Price: EUR4.60 Change in TP: 0.0 % Bloomberg: CEC GR Reuters: CECG.DE

Current Price: EUR4.20 Change in Sales: none 26E/-0.6% 27E Free float 28%

Up/downside: 9.5% Change in Adj EBIT: -3.8% 26E/21.8% 27E Avg. daily volume (EURm) 0.3

YTD abs performance -4.8% Market data: 09 July 2026 Change in Adj. EPS: -8.7% 26E/28.1% 27E

52-week high/low (EUR) 4.59/3.60

CMD sets new targets, including JD synergies Price performance

Why this report?

CECONOMY's CMD confirmed that the group is on track to deliver its

FY2025/26 adj. EBIT target of EUR500m and introduced new FY2028/29

ambitions of around EUR24bn sales, EUR800m adj. EBIT and c.EUR300m FCF.

We update our forecasts to reflect the revised framework. However, today's

announcements do not alter the investment case, which remains driven by

JD.com's EUR4.60/share voluntary takeover offer and the ongoing regulatory

review. Following approvals in France, Italy and Germany, the European

Commission's Foreign Subsidies Regulation (FSR) investigation remains the

key outstanding hurdle, with a decision expected in October 2026. We

continue to view approval as the most likely outcome.

Key findings FY to 30/09 (EUR) 09/26E 09/27E 09/28E

Management confirmed FY2025/26 adj. EBIT will reach EUR500m, meeting the Sales 23,515 23,751 24,001

target announced at the 2023 CMD. EBITDA adj. 1,206 1,379 1,486

EBIT adj. 501 645 723New FY2028/29 ambitions include around EUR24bn sales, EUR800m adj. EBIT Net profit adj. 273 397 457

(3.3% margin), c.EUR300m FCF and annual investments of around EUR350m. Net financial debt -522 -780 -1,073