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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  B&M European Value Retail S.A.    BME   LU1072616219

B&M EUROPEAN VALUE RETAIL S.A.

(BME)
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B&M European Value Retail : puts loss-making German business under review

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11/12/2019 | 05:57am EDT

B&M European Value Retail wrote down the value of its loss-making German unit Jawoll and put it under review on Tuesday, sending shares in the British discounter sharply lower.

Shares in B&M were down 7.4% at 0916 GMT, paring gains for 2019 to 24.3% as the performance in Germany overshadowed a solid first half from its main UK business.

B&M, a general goods retailer selling everything from furniture to electricals to food, has grown rapidly.

At Monday's close it had a market capitalisation of 3.76 billion pounds ($4.81 billion), which is bigger than Marks & Spencer's.

"The strategic review may bring about a departure from Jawoll," said analysts at Peel Hunt.

"This places a two-way pull on the shares. On the one hand, B&M’s credentials as a European giant are tarnished but on the other, at least here’s a management team that knows when to stop throwing good money after bad."

B&M trades from 645 stores in the UK operating under the B&M brand and 290 stores under the Heron Foods and B&M Express brands.

It also has 98 stores in Germany primarily operating under the Jawoll brand and 99 stores in France, trading as Babou.

Jawoll, which was purchased in 2014, reported a 3.2% rise in sales but fell to a loss of 12.2 million pounds.

B&M's overall pretax profit fell 70.5% to 32.2 million pounds which included an impairment charge of 59.5 million pounds relating to Jawoll.

Group revenue increased 12.4% to 1.76 billion pounds.

The core B&M UK stores business, which constitutes 86% of group sales, saw first-half like-for-like sales rise by 3.7% and has seen "solid" growth in the third quarter so far.

"We remain cautious in light of the current political uncertainty and its impact on consumer confidence," B&M said.

It said it would update on Jawoll when its review is complete.

(Reporting by James Davey; editing by Kate Holton and Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
B&M EUROPEAN VALUE RETAIL S.A. 4.95% 284.3 Delayed Quote.-33.86%
MARKS & SPENCER GROUP PLC 6.49% 100.1 Delayed Quote.-55.97%
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Financials (GBP)
Sales 2020 3 994 M
EBIT 2020 300 M
Net income 2020 159 M
Debt 2020 1 795 M
Yield 2020 3,99%
P/E ratio 2020 16,4x
P/E ratio 2021 12,8x
EV / Sales2020 1,13x
EV / Sales2021 1,15x
Capitalization 2 711 M
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Technical analysis trends B&M EUROPEAN VALUE RETAIL
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Average target price 383,25  GBp
Last Close Price 270,90  GBp
Spread / Highest target 75,3%
Spread / Average Target 41,5%
Spread / Lowest Target -1,44%
EPS Revisions
Managers
NameTitle
Simon Arora Chief Executive Officer & Executive Director
Peter Richard Bamford Non-Executive Chairman
Paul Andrew McDonald Chief Financial Officer & Executive Director
Ronald Thomas McMillan Senior Independent Non-Executive Director
Tiffany Hall Independent Non-Executive Director
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