New Risk • Jul 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €95.30, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Multiline Retail industry in Europe. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €180 per share. Upcoming Dividend • Jun 04
Upcoming dividend of US$1.03 per share Eligible shareholders must have bought the stock before 11 June 2026. Payment date: 13 July 2026. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Bulgarian dividend payers (5.0%). Lower than average of industry peers (1.4%). お知らせ • Jun 04
Alibaba.com Brings Accio Work Agentic AI Platform To Smart Manufacturing Week In Birmingham Alibaba.com was the Official Agentic Business Partner of Smart Manufacturing Week in Birmingham from 3-4 June 2026, bringing Accio Work, its agentic AI platform for businesses, to the show floor to demonstrate how agentic AI can address the operational pressures facing UK manufacturers. At the heart of the partnership is a bespoke 'Event Edition Agent' built specifically for Smart Manufacturing Week. It brings together three practical tools in one place: 'AI Expert Agents', 'Smart Navigation' and 'Industry Trend Reports', giving visitors a live, hands-on way to find suppliers, compare products and make faster procurement decisions on the spot. Accio Work acts as an agentic business team for SMEs, handling sourcing, supplier research and procurement and marketing tasks that would otherwise consume hours of manual effort. According to Alibaba.com's recent study of over 500 UK SME owners, 40% are using AI at least once a week to help overcome day-to-day operational challenges. Time-saving was cited as the primary driver for the adoption (37%), followed by improving efficiencies (36%) and better decision making with better data and insights (22%). The findings shed light on where that time is actually going, and which risk detracting business owners' attention from business growth. More than a third (35%) said dealing with emails take up the most time each month, followed by bookkeeping (31%) and invoicing (17%). 19% of those surveyed said chasing late payments was the time-consuming task they liked the least, while over a quarter of SMEs use their evenings to complete such tasks. Over half (53%) of SMEs believe that running their small business has become more complex in recent years. One of the biggest challenges is knowing which products to stock, develop or launch was a challenge, cited by 49% of respondents. According to the research, the most frequently used AI-powered tools and services include research tools (26%), writing tools (25%), and AI assistants, such as chatbots (24%). Attendees at Smart Manufacturing Week can meet the Alibaba.com team at the AI Sourcing Lounge on Stand E40, where they will explore the latest innovations in smart sourcing, supplier discovery and AI-driven manufacturing solutions including their agentic AI platform Accio Work designed to help businesses improve efficiency, resilience and growth. お知らせ • Jun 03
Home plus Reportedly Puts Its Remaining Operations Up for Sale Home plus Co.,LTD. has put its remaining operations up for sale after agreeing to dispose of its supermarket arm, industry sources said on 02 June 2026, courting domestic and foreign buyers as the debt-laden retailer seeks funding ahead of a court-imposed restructuring deadline. According to the sources, Homeplus's sales adviser, PwC Korea, has sent teaser materials to more than 10 domestic and overseas strategic investors as part of a sale process for the retailer's hypermarket and online businesses. Potential buyers include South Korean retail groups LOTTE Corporation (KOSE:A004990), SHINSEGAE Inc. (KOSE:A004170) and CJ Corporation (KOSE:A001040), as well as Chinese e-commerce companies Alibaba Group Holding Limited (NYSE:BABA) and Temu. The push follows Homeplus's May agreement to sell its supermarket unit, Homeplus Express, to Harim Group's NS Shopping for $80 million in cash, with the buyer also assuming part of the division's liabilities. The transaction would ease the retailer's liquidity strain, though additional funding would still be needed to stabilize operations, the company noted. "The sale of Homeplus Express is expected to improve liquidity, but because the proceeds will not be received for another two months, we need additional funding both to maintain operations until the cash inflow arrives and to implement the rehabilitation plan," the company said in a statement. An escalating liquidity crisis compounds the challenge, despite MBK Partners' provision of KRW 100 billion in debtor-in-possession financing in March. The company is currently seeking a KRW 100 billion bridge loan from its largest creditor, Meritz Financial Group, to sustain operations until cash from the Express sale arrives. The talks have deadlocked, however, with Meritz demanding a personal guarantee from MBK Chairman Michael Kim, immediate repayment once the proceeds land and a 6% interest rate. Homeplus must win court approval for its rehabilitation plan by July 3 or face the prospect of liquidation. Even if the court extends the deadline to September, industry observers warn that the risk of liquidation would rise sharply if the company cannot keep its remaining locations open, with dozens of stores already idled. Homeplus temporarily suspended operations at 37 low-performing locations from May through July, out of its 104 hypermarkets total. It has delayed wage payments to employees and struggled to keep shelves stocked as supplier payments have fallen behind. Some believe the better path is not a package sale of the remaining hypermarket and online operations, but carving out valuable real estate assets from operating units to lower the cost of acquiring the core retail business. "Finding a buyer for Homeplus's entire store network will be challenging, so selling prime locations separately could be one way to improve the chances of a deal," one industry official said. Declared Dividend • May 17
Dividend of US$1.03 announced Shareholders will receive a dividend of US$1.03. Ex-date: 11th June 2026 Payment date: 13th July 2026 Dividend yield will be 0.9%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (16% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 3 years and payments have been stable during that time. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 
