Metro AG, formerly Metro Wholesale & Food Specialist AG, is a Germany-based international wholesale and food service business group and dedicated food specialist with a customer base in wholesale in approximately 35 countries in Europe and Asia. The Company business is carried out by two operating segments: the METRO Wholesale segment and the Real segment. The Company operates also as a retailer in the hypermarket segment of German grocery retail market. The Company operates internationally under brands METRO and Real. The Company operates approximately 751 warehouses in 25 countries and approximately 79 delivery depots. The Company also provides foodservice distribution via Classic Fine Foods group, Rungis Express group and Pro a Pro group.
  • TickerBFB001
  • ISINDE000BFB0019
  • SectorFood & Drug Retailers
  • CountryGermany

Analysts

Metro AG – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Anis Zgaya ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/13/2019

We are initiating coverage on HOCHTIEF on Neutral, with a target price of € 152. We are attracted by the combination of yield and growth as well as by management’s track record, but we believe that other companies within our coverage (Eiffage, VINCI) today offer equally attractive and more sustainable levels of FCF yield and return. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/02/2019

Nous initions HOCHTIEF à Neutre, avec un objectif de cours de 152 €. Nous sommes séduits par la combinaison rendement-croissance ainsi que par le track record du management mais nous estimons que d’autres valeurs au sein de notre univers de couverture (Eiffage, VINCI) offrent aujourd’hui des niveaux de FCF yield et de rendement aussi intéressants et plus pérennes. Cf étude publiée hier soir. - ...

Laurence Hofmann

Metro AG : Apart from speculative appeal, the stock looks generously valued in our view

>Q1 2018-19 results: in line with expectations - For sales of € 8,017m, -0.6% reported but +2.3% LFL, the group reported EBITDA (excl. capital gains on property assets) of € 470m in Q1 2018-19, -6.7% reported and -3.4% on an organic basis, in line with the consensus expectations (€ 472m). This figure factors in a one-off, the amount of which has not been quantified (low double digit), which implies a performance excl. exceptionals, which is likely to be fairly close t...

Laurence Hofmann

Metro AG : Hors aspects spéculatifs, le titre nous semble généreusement valorisé

>Résultats du T1 2018/19 : en ligne avec les attentes - Pour un CA de 8 017 M€, -0.6% en déclaré mais +2.3% en LFL, le groupe a publié un EBITDA (hors plus-values immobilières) de 470 M€ au T1 2018/19, -6.7% en déclaré et -3.4% en organique, en ligne avec les attentes du consensus (472 M€). Ce chiffre intègre un ‘one off’, dont le montant n’a pas été chiffré (low double digit), d’où une réalisation hors exceptionnel qui ne doit pas être éloignée de nos estimations (45...

Laurence Hofmann

Metro AG : Apart from speculative appeal, the stock looks generously valued in our view

>Q1 2018-19 results: in line with expectations - For sales of € 8,017m, -0.6% reported but +2.3% LFL, the group reported EBITDA (excl. capital gains on property assets) of € 470m in Q1 2018-19, -6.7% reported and -3.4% on an organic basis, in line with the consensus expectations (€ 472m). This figure factors in a one-off, the amount of which has not been quantified (low double digit), which implies a performance excl. exceptionals, which is likely to be fairly close t...

Laurence Hofmann

Metro AG : Hors aspects spéculatifs, le titre nous semble généreusement valorisé

>Résultats du T1 2018/19 : en ligne avec les attentes - Pour un CA de 8 017 M€, -0.6% en déclaré mais +2.3% en LFL, le groupe a publié un EBITDA (hors plus-values immobilières) de 470 M€ au T1 2018/19, -6.7% en déclaré et -3.4% en organique, en ligne avec les attentes du consensus (472 M€). Ce chiffre intègre un ‘one off’, dont le montant n’a pas été chiffré (low double digit), d’où une réalisation hors exceptionnel qui ne doit pas être éloignée de nos estimations (45...

Laurence Hofmann

Metro AG : Q1 2018-19 sales: a good start with a clear sequential improvement in Russia

>Q1 2018-19 slightly higher than our forecasts - Q1 2018-19 sales a shade higher than our forecasts (by 0.5%) and the consensus (by 1.1%). Consolidated sales: € 8bn, -0.6% reported. Organic growth: +2.1% vs +1.7% estimated.Two regions are higher than our forecasts:Western Europe: +1% l-f-l vs -1.2% estimated and -0.7% in Q4 2017-18. The “yellow vests” crisis in France had prompted us to be very cautious. Our fears did not materialise. France showed a positiv...

Laurence Hofmann

Metro AG : Ventes du T1 2018/19: bon démarrage avec une nette amélioration séquentielle en Russie

>Ventes du T1 2018/19 un peu supérieur à nos attentes - Ventes du T1 2018/19 un peu supérieures nos attentes (de 0.5%) et celles du consensus (de 1.1%). CA consolidé : 8 Md€, -0.6% en déclaré. Croissance organique : +2.1% vs +1.7% estimé.Deux zones sont au-dessus de nos attentes :L’Europe de l’Ouest : +1% en LFL vs -1.2% estimés et -0.7% au T4 2017/18. La crise des Gilets jaunes en France, nous avait incité à être très prudents. Nos craintes ne se sont pas c...

Laurence Hofmann

Metro AG : Several aspects of the stock’s story leave us somewhat confused: the strategy, guidance and the new shareholder. Stalemate

>FY 2017-18 results: EBITDA 2% below our expectations - FY 2017-18 results slightly undershot our expectations. Consolidated sales were down 1.6% reported, +0.7% organic and +0.7% LFL (in line with our expectations) of which +1.3% for C&C and -1.7% for Real.Consolidated EBITDA excl. property assets of € 1,396m vs € 1,430m estimated, -2.8% reported and +1.2% on an organic basis (vs +2.7% estimated). EBITDA for C&C: € 1,244m, -1.3% reported and +2.5% on an organi...

Anis Zgaya ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/13/2019

We are initiating coverage on HOCHTIEF on Neutral, with a target price of € 152. We are attracted by the combination of yield and growth as well as by management’s track record, but we believe that other companies within our coverage (Eiffage, VINCI) today offer equally attractive and more sustainable levels of FCF yield and return. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/02/2019

Nous initions HOCHTIEF à Neutre, avec un objectif de cours de 152 €. Nous sommes séduits par la combinaison rendement-croissance ainsi que par le track record du management mais nous estimons que d’autres valeurs au sein de notre univers de couverture (Eiffage, VINCI) offrent aujourd’hui des niveaux de FCF yield et de rendement aussi intéressants et plus pérennes. Cf étude publiée hier soir. - ...

Jeremy Garnier ...
  • Laurence Hofmann
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 01/17/2019

...

Jeremy Garnier ...
  • Laurence Hofmann
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 17/01/2019

Une année 2018 chahutée, une forte décollecte PEA/PME sur le S2, des attentes encore élevées en dépit de la correction, nous incitent toujours à la prudence pour le début de l’année 2019 au sein de l’univers des Small caps. Visibilité et résilience seront encore les mots clés pour ce S1 2019 : nous intégrons dans la liste Compagnie des Alpes, ID Logistics, Visiativ et HighCo ; nous maintenons Chargeurs et Esker. - ...

Christophe Chaput ...
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Laurence Hofmann
  • Michael Foundoukidis
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 12/14/2018

...

Despite a double requalification, METRO AG. is only slightly penalized by reducing to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of METRO AG. (DE), active in the Food Retailers & Wholesalers industry. Indeed, the title just lost a star(s) at the fundamental level and now shows 3 out of 4 stars. Its exposure to market risk has also increased and the title is now qualified as moderately risky. Despite this double requalification, theScreener only slightly downgrades the general evaluation to Slightly Positive on account of the openly favourable environment. As of the analysis date November 9, 2018, the closing price was EUR 13.63 an...

Metro AG – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Metro - February 15th, 2019

General:  Supervisory Board member Prof. Dr. Edgar Ernst is a member of the Advisory Committee of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. On 13 September 2018, the Management Board of Metro announced its intention to sell the Company's hypermarket business including 80 real estate properties to fully focus on its wholesale business. The hypermarket business consists of 279 stores of the Real segment and their subsidiaries. In financial year 2017/2018, Real accounted for 19% of total sales and 10% of total EBITDA (excluding earnings contrib...

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