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

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2019

...

Laurence Hofmann

Metro AG : L’offre de M. Kretinsky à 16 € nous parait « fair » - Risque de correction en cas d’échec

>Résultats du T3 2018/19, un peu au-dessus des attentes - la Russie reste sous pression - Ventes consolidées du T3 à 7 551 M€, +2.8% en déclaré avec un effet calendaire de 1.2%. LFL consolidé +3.4% (soit +2.2% hors calendaire) un peu au-dessus de notre attente à 2.9%e. Bonne performance en Allemagne : +3.6% en LFL dont +0.5% hors calendaire. Tendance toujours favorable en Europe : +2.2% en LFL dont +0.8% en hors calendaire grâce à la France. Europe de l’Est : +7.1% en...

Christian Guyot

INVEST SECURITIES - METRO AG (NEUTRE ; OC 16 € vs 14,2€) : Un moineau dans la main plutôt qu'un pigeon sur le toit…

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/10/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/05/2019

...

Laurence Hofmann

Metro AG : L’offre de M. Kretinsky à 16 € nous parait « fair » - Risque de correction en cas d’échec

>Résultats du T3 2018/19, un peu au-dessus des attentes - la Russie reste sous pression - Ventes consolidées du T3 à 7 551 M€, +2.8% en déclaré avec un effet calendaire de 1.2%. LFL consolidé +3.4% (soit +2.2% hors calendaire) un peu au-dessus de notre attente à 2.9%e. Bonne performance en Allemagne : +3.6% en LFL dont +0.5% hors calendaire. Tendance toujours favorable en Europe : +2.2% en LFL dont +0.8% en hors calendaire grâce à la France. Europe de l’Est : +7.1% en...

Christian Guyot

INVEST SECURITIES - METRO AG (NEUTRE ; OC 16 € vs 14,2€) : Un moineau dans la main plutôt qu'un pigeon sur le toit…

Laurence Hofmann

Metro AG : Questions on the recovery in Russia persist and the disposal process of Real is complex

>Q2 2018-19 results: broadly in line, but recovery in Russia is taking longer than expected - Consolidated sales totalled 6,752m, +0.2% reported o/w +1.2% LFL vs 1.1%e estimated by ODDO BHF (consensus +0.7%). Stripping out the calendar effect, LFL of +2.3%, in line with the Q1 performance.Another commercially challenging quarter for the group in Russia, currently executing a commercial repositioning, with LFL at -4% (vs -3%e), i.e. a deterioration vs Q1 (-2.4%). ...

Laurence Hofmann

Metro AG : Les interrogations sur le redressement de la Russie ne sont pas levées et le processus de cession de Real est complexe

>Résultats du T2 2018/19 : globalement en ligne, mais recovery Russe plus lente qu’escompté - CA consolidé de 6 752 M€, +0.2% en déclaré dont +1.2% en LFL vs 1.1%e estimés par ODDO BHF (consensus +0.7%). Hors effet calendaire, LFL de +2.3%, en ligne avec la réalisation du T1.Encore un trimestre commercialement difficile en Russie, en cours de repositionnement commercial, avec des LFL à -4% (vs -3%e), soit une dégradation vs le T1 (-2.4%). Les volumes du programme...

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...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/10/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/05/2019

...

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. - ...

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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