Ceconomy（1CEC）株式概要セコノミーAGは、その子会社とともに家電小売業に従事している。 詳細1CEC ファンダメンタル分析スノーフレーク・スコア評価3/6将来の成長4/6過去の実績0/6財務の健全性3/6配当金0/6報酬収益は年間57.57%増加すると予測されています 同業他社や業界と比較して、良好な取引価格 リスク分析利払いは収益で十分にカバーされない Italian市場と比較した過去 3 か月間の株価の変動すべてのリスクチェックを見る1CEC Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.NEW461,592 membersJoin community and earn perksGain real feedbackFrom our editorial team, personally. Not silence.Grow your followingReal investors. The kind who actually invest, not scroll past.Unlock free accessFree premium subscription for consistent and quality authors.Learn moreCreate NarrativeBLINRODA461,592 investors already sharing narrativesYour Fair Value€Current Price€3.9283.2% 割安 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-226m31b2016201920222025202620282031Revenue €25.6bEarnings €1.1bAdvancedSet Fair ValueView all narrativesCeconomy AG 競合他社Gens AureaSymbol: BIT:OROXMarket cap: €964.6mBasicNetSymbol: BIT:BANMarket cap: €290.4mCurrysSymbol: LSE:CURYMarket cap: UK£1.6bK's HoldingsSymbol: TSE:8282Market cap: JP¥304.1b価格と性能株価の高値、安値、推移の概要Ceconomy過去の株価現在の株価€3.9252週高値€4.4852週安値€3.69ベータ1.671ヶ月の変化-2.49%3ヶ月変化-3.69%1年変化-11.22%3年間の変化61.24%5年間の変化-0.23%IPOからの変化-8.34%最新ニュースBuy Or Sell Opportunity • Aug 10Now 24% overvaluedThe stock has been flat over the last 90 days, currently trading at €4.15. The fair value is estimated to be €3.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making.Reported Earnings • Aug 01Third quarter 2026 earnings released: €0.14 loss per share (vs €0.24 loss in 3Q 2025)Third quarter 2026 results: €0.14 loss per share (improved from €0.24 loss in 3Q 2025). Revenue: €5.27b (up 9.8% from 3Q 2025). Net loss: €66.0m (loss narrowed 42% from 3Q 2025). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Italy. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.New Risk • Jul 21New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.9% 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.お知らせ • Jan 07Ceconomy AG, Annual General Meeting, Feb 18, 2026Ceconomy AG, Annual General Meeting, Feb 18, 2026, at 10:00 W. Europe Standard Time.Reported Earnings • Dec 18Full 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 16% growth forecast for the Specialty Retail industry in Italy. 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 36% per year, which means it is well ahead of earnings.お知らせ • Oct 16Ceconomy AG(XTRA:CEC) dropped from Germany SDAX (Total Return) IndexCeconomy AG has been dropped from the Germany Small DAX (Total Return) Index.最新情報をもっと見るRecent updatesBuy Or Sell Opportunity • Aug 10Now 24% overvaluedThe stock has been flat over the last 90 days, currently trading at €4.15. The fair value is estimated to be €3.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making.Reported Earnings • Aug 01Third quarter 2026 earnings released: €0.14 loss per share (vs €0.24 loss in 3Q 2025)Third quarter 2026 results: €0.14 loss per share (improved from €0.24 loss in 3Q 2025). Revenue: €5.27b (up 9.8% from 3Q 2025). Net loss: €66.0m (loss narrowed 42% from 3Q 2025). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Italy. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.New Risk • Jul 21New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.9% 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.お知らせ • Jan 07Ceconomy AG, Annual General Meeting, Feb 18, 2026Ceconomy AG, Annual General Meeting, Feb 18, 2026, at 10:00 W. Europe Standard Time.Reported Earnings • Dec 18Full 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 16% growth forecast for the Specialty Retail industry in Italy. 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 36% per year, which means it is well ahead of earnings.お知らせ • Oct 16Ceconomy AG(XTRA:CEC) dropped from Germany SDAX (Total Return) IndexCeconomy AG has been dropped from the Germany Small DAX (Total Return) Index.お知らせ • Oct 10+ 3 more updatesCeconomy AG to Report Q1, 2026 Results on Feb 11, 2026Ceconomy AG announced that they will report Q1, 2026 results on Feb 11, 2026New Risk • Aug 13New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.3x 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 (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.01% net profit margin).Reported Earnings • Aug 13Third 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 25% growth forecast for the Specialty Retail industry in Italy. 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.お知らせ • Jul 31JD.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.New Risk • May 17New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.3x 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 (1.3x net interest cover). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change).Reported Earnings • May 17Second 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 13% growth forecast for the Specialty Retail industry in Italy. 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 6% per year, which means it is well ahead of earnings.株主還元1CECIT Specialty RetailIT 市場7D-3.8%-2.9%-1.6%1Y-11.2%-2.4%19.0%株主還元を見る業界別リターン: 1CEC過去 1 年間で-2.4 % の収益を上げたItalian Specialty Retail業界を下回りました。リターン対市場: 1CECは、過去 1 年間で19 % のリターンを上げたItalian市場を下回りました。価格変動Is 1CEC's price volatile compared to industry and market?1CEC volatility1CEC Average Weekly Movement6.1%Specialty Retail Industry Average Movement5.8%Market Average Movement4.2%10% most volatile stocks in IT Market7.9%10% least volatile stocks in IT Market2.7%安定した株価: 1CECの株価は、 Italian市場と比較して過去 3 か月間で変動しています。時間の経過による変動: 1CECの weekly volatility ( 6% ) は過去 1 年間安定していますが、依然としてItalianの株式の 75% よりも高くなっています。会社概要設立従業員CEO（最高経営責任者ウェブサイト200139,519n/awww.ceconomy.deセコノミーAGは、その子会社とともに家電小売業に従事している。メディアマルクト（MediaMarkt）とサターン（Saturn）のブランドで店舗を運営している。同社は、Deutsche Technikberatungブランドのもと、家庭での電子機器の設置、接続、トラブルシューティングに関する専門的なサポートを提供している。ドイツ、オーストリア、スイス、ハンガリー、西欧、南欧、東欧で事業を展開している。以前はMETRO AGとして知られていた。Ceconomy AGはドイツのデュッセルドルフに本社を置いている。もっと見るCeconomy AG 基礎のまとめCeconomy の収益と売上を時価総額と比較するとどうか。1CEC 基礎統計学時価総額€1.92b収益（TTM）-€14.00m売上高(TTM)€23.79b0.1xP/Sレシオ-135.2xPER（株価収益率1CEC は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計1CEC 損益計算書（TTM）収益€23.79b売上原価€19.45b売上総利益€4.34bその他の費用€4.35b収益-€14.00m直近の収益報告Jun 30, 2026次回決算日Dec 14, 2026一株当たり利益（EPS）-0.029グロス・マージン18.23%純利益率-0.059%有利子負債／自己資本比率440.9%1CEC の長期的なパフォーマンスは？過去の実績と比較を見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/08/20 21:46終値2026/08/20 00:00収益2026/06/30年間収益2025/09/30データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Ceconomy AG 4 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。28 アナリスト機関Batuhan KarabekirBerenbergBruno MonteyneBernsteinGeoffrey d'HalluinBNP Paribas25 その他のアナリストを表示
Buy Or Sell Opportunity • Aug 10Now 24% overvaluedThe stock has been flat over the last 90 days, currently trading at €4.15. The fair value is estimated to be €3.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making.
Reported Earnings • Aug 01Third quarter 2026 earnings released: €0.14 loss per share (vs €0.24 loss in 3Q 2025)Third quarter 2026 results: €0.14 loss per share (improved from €0.24 loss in 3Q 2025). Revenue: €5.27b (up 9.8% from 3Q 2025). Net loss: €66.0m (loss narrowed 42% from 3Q 2025). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Italy. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.
New Risk • Jul 21New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.9% 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.
お知らせ • Jan 07Ceconomy AG, Annual General Meeting, Feb 18, 2026Ceconomy AG, Annual General Meeting, Feb 18, 2026, at 10:00 W. Europe Standard Time.
Reported Earnings • Dec 18Full 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 16% growth forecast for the Specialty Retail industry in Italy. 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 36% per year, which means it is well ahead of earnings.
お知らせ • Oct 16Ceconomy AG(XTRA:CEC) dropped from Germany SDAX (Total Return) IndexCeconomy AG has been dropped from the Germany Small DAX (Total Return) Index.
Buy Or Sell Opportunity • Aug 10Now 24% overvaluedThe stock has been flat over the last 90 days, currently trading at €4.15. The fair value is estimated to be €3.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making.
Reported Earnings • Aug 01Third quarter 2026 earnings released: €0.14 loss per share (vs €0.24 loss in 3Q 2025)Third quarter 2026 results: €0.14 loss per share (improved from €0.24 loss in 3Q 2025). Revenue: €5.27b (up 9.8% from 3Q 2025). Net loss: €66.0m (loss narrowed 42% from 3Q 2025). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Italy. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.
New Risk • Jul 21New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.9% 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.
お知らせ • Jan 07Ceconomy AG, Annual General Meeting, Feb 18, 2026Ceconomy AG, Annual General Meeting, Feb 18, 2026, at 10:00 W. Europe Standard Time.
Reported Earnings • Dec 18Full 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 16% growth forecast for the Specialty Retail industry in Italy. 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 36% per year, which means it is well ahead of earnings.
お知らせ • Oct 16Ceconomy AG(XTRA:CEC) dropped from Germany SDAX (Total Return) IndexCeconomy AG has been dropped from the Germany Small DAX (Total Return) Index.
お知らせ • Oct 10+ 3 more updatesCeconomy AG to Report Q1, 2026 Results on Feb 11, 2026Ceconomy AG announced that they will report Q1, 2026 results on Feb 11, 2026
New Risk • Aug 13New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.3x 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 (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.01% net profit margin).
Reported Earnings • Aug 13Third 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 25% growth forecast for the Specialty Retail industry in Italy. 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.
お知らせ • Jul 31JD.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.
New Risk • May 17New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.3x 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 (1.3x net interest cover). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change).
Reported Earnings • May 17Second 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 13% growth forecast for the Specialty Retail industry in Italy. 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 6% per year, which means it is well ahead of earnings.
