Reported Earnings • May 18
Second quarter 2026 earnings released: €0.19 loss per share (vs €0.068 loss in 2Q 2025) Second quarter 2026 results: €0.19 loss per share (further deteriorated from €0.068 loss in 2Q 2025). Revenue: €5.47b (up 4.1% from 2Q 2025). Net loss: €92.0m (loss widened 179% from 2Q 2025). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • Feb 12
First quarter 2026 earnings released: EPS: €0.37 (vs €0.30 in 1Q 2025) First quarter 2026 results: EPS: €0.37 (up from €0.30 in 1Q 2025). Revenue: €7.61b (flat on 1Q 2025). Net income: €181.0m (up 22% from 1Q 2025). Profit margin: 2.4% (up from 2.0% in 1Q 2025). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Ankündigung • Jan 07
Ceconomy AG, Annual General Meeting, Feb 18, 2026 Ceconomy AG, Annual General Meeting, Feb 18, 2026, at 10:00 W. Europe Standard Time. Reported Earnings • Dec 18
Full year 2025 earnings released: €0.072 loss per share (vs €0.16 profit in FY 2024) Full year 2025 results: €0.072 loss per share (down from €0.16 profit in FY 2024). Revenue: €23.1b (up 2.8% from FY 2024). Net loss: €35.0m (down 146% from profit in FY 2024). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Ankündigung • Oct 16
Ceconomy AG(XTRA:CEC) dropped from Germany SDAX (Total Return) Index Ceconomy AG has been dropped from the Germany Small DAX (Total Return) Index. Reported Earnings • Aug 13
Third quarter 2025 earnings released: €0.24 loss per share (vs €0.33 loss in 3Q 2024) Third quarter 2025 results: €0.24 loss per share (improved from €0.33 loss in 3Q 2024). Revenue: €4.80b (down 2.3% from 3Q 2024). Net loss: €114.0m (loss narrowed 30% from 3Q 2024). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. New Risk • Aug 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Ankündigung • Jul 31
JD.com, Inc. (NasdaqGS:JD) proposed to acquire 74.65% stake in Ceconomy AG (XTRA:CEC) from Convergenta Invest GmbH, Haniel Finance Deutschland GmbH, Beisheim Holding GmbH, freenet AG (XTRA:FNTN), BC Equities GmbH & Co. KG and others for €1.7 billion. JD.com, Inc. (NasdaqGS:JD) proposed to acquire 74.65% stake in Ceconomy AG (XTRA:CEC) from Convergenta Invest GmbH, Haniel Finance Deutschland GmbH, Beisheim Holding GmbH, freenet AG (XTRA:FNTN), BC Equities GmbH & Co. KG and others for €1.7 billion on July 30, 2025. A cash consideration valued at €4.6 per share will be paid by JD.com, Inc. JD.com and CECONOMY’s founder family shareholder Convergenta Invest GmbH entered into a shareholder agreement, through Convergenta currently holds approximately 29.16% of the shares in CECONOMY. Convergenta has committed to tender 18.5 million shares, representing 3.81% stake into the offer, hence retaining a stake of around 25.35% in CECONOMY thereafter. The Bidder has also entered into agreements with Haniel Finance Deutschland GmbH, Beisheim Holding GmbH, BC Equities GmbH & Co. KG and freenet AG – who together hold approximately 27.9% irrevocably undertaken to accept offer. The aggregate shareholders have irrevocably undertaken to accept the Takeover Offer with respect to 31.7% of the CECONOMY Shares in total (including 3.81% from Convergenta), securing a total shareholding of 57.1% in combination with the retained stake of JD.com’s future partner Convergenta ahead of the launch of the Takeover Offer. Upon successful completion of the offer, JD.com intends to pursue a delisting of CECONOMY. As part of the transaction, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. JD.com and CECONOMY have also signed an investment agreement to drive CECONOMY as a stand-alone business and accelerate CECONOMY’s transformation into Europe’s omni-channel consumer electronics platform. JD.com, renowned for its customer experience and e-commerce logistics service standards, will contribute its advanced technology, omni-channel retail expertise, and logistics and warehouse capabilities to the partnership.
The transaction will be financed through a combination of acquisition loan and the Company’s cash on balance sheet.
The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The closing of the Takeover Offer is expected to take place in the first half of 2026. Subject to a careful review of the offer document in accordance with their legal obligations, CECONOMY’s Management Board and Supervisory Board intend to recommend to shareholders the acceptance of the offer proposed.
Lazard is acting as lead financial advisor to Ceconomy and J.P. Morgan is acting as financial advisor to the Supervisory Board of CECONOMY. Kirkland & Ellis is acting as legal advisor to CECONOMY. Deutsche Bank and Goldman Sachs are acting as financial advisors to JD.com and Baker McKenzie is acting as legal advisor to JD.com. Reported Earnings • May 16
Second quarter 2025 earnings released: €0.08 loss per share (vs €0.17 profit in 2Q 2024) Second quarter 2025 results: €0.08 loss per share (down from €0.17 profit in 2Q 2024). Revenue: €5.25b (down 1.6% from 2Q 2024). Net loss: €38.0m (down 145% from profit in 2Q 2024). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €3.27, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 2.8% over the past three years. Ankündigung • Feb 27
Ceconomy AG to Report Q4, 2025 Results on Dec 17, 2025 Ceconomy AG announced that they will report Q4, 2025 results on Dec 17, 2025 Reported Earnings • Feb 12
First quarter 2025 earnings released: EPS: €0.30 (vs €0.30 in 1Q 2024) First quarter 2025 results: EPS: €0.30 (in line with 1Q 2024). Revenue: €7.57b (up 8.4% from 1Q 2024). Net income: €148.0m (flat on 1Q 2024). Profit margin: 2.0% (down from 2.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.4% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Ankündigung • Feb 12
Ceconomy AG to Report Q3, 2025 Results on Aug 12, 2025 Ceconomy AG announced that they will report Q3, 2025 results on Aug 12, 2025 Buy Or Sell Opportunity • Feb 06
Now 23% undervalued Over the last 90 days, the stock has risen 9.3% to €3.30. The fair value is estimated to be €4.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.04 per share. Ankündigung • Jan 09
Ceconomy AG, Annual General Meeting, Feb 26, 2025 Ceconomy AG, Annual General Meeting, Feb 26, 2025, at 10:00 W. Europe Standard Time. New Risk • Dec 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Dec 19
Full year 2024 earnings released: EPS: €0.16 (vs €0.08 loss in FY 2023) Full year 2024 results: EPS: €0.16 (up from €0.08 loss in FY 2023). Revenue: €22.4b (flat on FY 2023). Net income: €76.0m (up €115.0m from FY 2023). Profit margin: 0.3% (up from net loss in FY 2023). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €2.58, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.18 per share. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.29, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 5.0% over the past three years. New Risk • Aug 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 42% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 15
Third quarter 2024 earnings released: €0.33 loss per share (vs €0.38 loss in 3Q 2023) Third quarter 2024 results: €0.33 loss per share (improved from €0.38 loss in 3Q 2023). Revenue: €4.92b (up 8.6% from 3Q 2023). Net loss: €162.0m (loss narrowed 13% from 3Q 2023). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €2.99, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 32% over the past three years. New Risk • May 16
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • May 16
Second quarter 2024 earnings released: EPS: €0.17 (vs €0.094 loss in 2Q 2023) Second quarter 2024 results: EPS: €0.17 (up from €0.094 loss in 2Q 2023). Revenue: €5.33b (flat on 2Q 2023). Net income: €84.0m (up €131.0m from 2Q 2023). Profit margin: 1.6% (up from net loss in 2Q 2023). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 11
First quarter 2024 earnings released: EPS: €0.30 (vs €0.26 in 1Q 2023) First quarter 2024 results: EPS: €0.30 (up from €0.26 in 1Q 2023). Revenue: €6.98b (down 1.2% from 1Q 2023). Net income: €147.0m (up 16% from 1Q 2023). Profit margin: 2.1% (up from 1.8% in 1Q 2023). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Reported Earnings • Dec 20
Full year 2023 earnings released: €0.08 loss per share (vs €0.31 profit in FY 2022) Full year 2023 results: €0.08 loss per share (down from €0.31 profit in FY 2022). Revenue: €22.2b (up 2.2% from FY 2022). Net loss: €39.0m (down 131% from profit in FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 5.5% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Ankündigung • Dec 13
Ceconomy AG to Report Fiscal Year 2024 Results on Dec 18, 2024 Ceconomy AG announced that they will report fiscal year 2024 results on Dec 18, 2024 New Risk • Nov 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risks Dividend is not well covered by earnings (112% payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.07% net profit margin). Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €2.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 41% over the past three years. New Risk • Aug 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risks Dividend is not well covered by earnings (112% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.07% net profit margin). Reported Earnings • Aug 12
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €4.53b (down 2.8% from 3Q 2022). Net loss: €186.0m (loss widened 96% from 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 5.8% growth forecast for the Specialty Retail industry in the United Kingdom. Ankündigung • Aug 03
POWER International AS completed the acquisition of MediaMarkt stores in Sweden from Ceconomy AG. POWER International AS agreed to acquire MediaMarkt stores in Sweden from Ceconomy AG on February 14, 2023. As of April 4, 2023, Competition authorities approved this deal. Richard Åkerman, Peter Forsberg, Jenny Lundberg, Mikael Stabo and Anna Ribenfors of Hannes Snellman Attorneys Ltd acted as legal advisor to POWER International AS.
POWER International AS completed the acquisition of MediaMarkt stores in Sweden from Ceconomy AG on August 1, 2023. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €2.75, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.43 per share. New Risk • Jun 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 335% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (112% payout ratio). Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €5.30b (up 5.6% from 2Q 2022). Net loss: €47.0m (loss widened 124% from 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 6.4% growth forecast for the Specialty Retail industry in the United Kingdom. Buying Opportunity • May 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €2.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 51%. For the next 3 years, revenue is forecast to grow by 0.8% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.09, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 2.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.23 per share. Ankündigung • Feb 16
POWER International AS agreed to acquire MediaMarkt stores in Sweden from Ceconomy AG. POWER International AS agreed to acquire MediaMarkt stores in Sweden from Ceconomy AG on February 14, 2023. Reported Earnings • Feb 15
First quarter 2023 earnings released First quarter 2023 results: Revenue: €7.07b (up 3.1% from 1Q 2022). Net income: €127.0m (up 4.1% from 1Q 2022). Profit margin: 1.8% (in line with 1Q 2022). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Specialty Retail industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 17% share price gain to €2.15, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.09 per share. Reported Earnings • Dec 18
Full year 2022 earnings released Full year 2022 results: Revenue: €21.8b (up 1.9% from FY 2021). Net income: €126.0m (down 43% from FY 2021). Profit margin: 0.6% (down from 1.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.3% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Ankündigung • Dec 16
Ceconomy AG to Report Q1, 2023 Results on Feb 14, 2023 Ceconomy AG announced that they will report Q1, 2023 results on Feb 14, 2023 Buying Opportunity • Dec 15
Now 21% undervalued Over the last 90 days, the stock is up 28%. The fair value is estimated to be €2.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 0.7% per annum. Earnings is also forecast to grow by 27% per annum over the same time period. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 18% share price gain to €1.98, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.37 per share. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 18% share price gain to €1.64, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.98 per share. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €1.15, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 15% share price gain to €1.50, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 70% over the past three years. Reported Earnings • Aug 14
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €4.66b (up 5.7% from 3Q 2021). Net loss: €95.0m (loss widened 42% from 3Q 2021). Over the next year, revenue is forecast to stay flat compared to a 8.5% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €1.97, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.49 per share. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €2.67, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 46% over the past three years. Reported Earnings • May 16
Second quarter 2022 earnings released: €0.06 loss per share (vs €0.26 profit in 2Q 2021) Second quarter 2022 results: €0.06 loss per share (down from €0.26 profit in 2Q 2021). Revenue: €5.02b (up 16% from 2Q 2021). Net loss: €21.0m (down 122% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 1.1%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 18% share price gain to €3.55, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 25% over the past three years. Reported Earnings • Feb 09
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: EPS: €0.34 (down from €0.43 in 1Q 2021). Revenue: €6.85b (down 8.2% from 1Q 2021). Net income: €122.0m (down 20% from 1Q 2021). Profit margin: 1.8% (down from 2.0% in 1Q 2021). Revenue missed analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 4.3%, compared to a 13% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 03
Upcoming dividend of €0.17 per share Eligible shareholders must have bought the stock before 10 February 2022. Payment date: 14 February 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of British dividend payers (4.2%). Higher than average of industry peers (1.8%). Reported Earnings • Dec 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €0.62 (up from €0.66 loss in FY 2020). Revenue: €21.4b (up 2.5% from FY 2020). Net income: €222.0m (up €459.0m from FY 2020). Profit margin: 1.0% (up from net loss in FY 2020). Like-for-like sales growth: 4.1% vs FY 2020 Revenue was in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 10% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Aug 14
Third quarter 2021 earnings released The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: €4.41b (up 7.3% from 3Q 2020). Net loss: €67.0m (loss narrowed 36% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Executive Departure • Jul 01
Chief Executive Officer of Media-Saturn-Holding GmbH Ferran Planet has left the company On the 30th of June, Ferran Planet's tenure as Chief Executive Officer of Media-Saturn-Holding GmbH ended. We don't have any record of a personal shareholding under Ferran's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.67 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • May 14
Second quarter 2021 earnings released: EPS €0.26 (vs €0.82 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €4.32b (down 6.7% from 2Q 2020). Net income: €94.0m (up €389.0m from 2Q 2020). Profit margin: 2.2% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue misses expectations Revenue missed analyst estimates by 1.8%. Over the next year, revenue is forecast to stay flat compared to a 6.8% growth forecast for the Specialty Retail industry in the United Kingdom. Reported Earnings • Feb 11
First quarter 2021 earnings released The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: €7.46b (up 9.4% from 1Q 2020). Net income: €153.0m (down 10.0% from 1Q 2020). Profit margin: 2.0% (down from 2.5% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 78% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 07
New 90-day high: €5.91 The company is up 44% from its price of €4.10 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.94 per share. Reported Earnings • Dec 17
Full year 2020 earnings released: €0.66 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: €20.8b (down 2.9% from FY 2019). Net loss: €237.0m (down 296% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 73% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Dec 17
Revenue beats expectations Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 1.3%, compared to a 4.3% growth forecast for the Specialty Retail industry in the United Kingdom. Is New 90 Day High Low • Dec 16
New 90-day high: €5.12 The company is up 26% from its price of €4.05 on 17 September 2020. The British market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.52 per share. Is New 90 Day High Low • Nov 25
New 90-day high: €4.43 The company is up 11% from its price of €3.97 on 26 August 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Specialty Retail industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.84 per share. Is New 90 Day High Low • Sep 28
New 90-day high: €4.23 The company is up 37% from its price of €3.09 on 30 June 2020. The British market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.42 per share.