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    CEC   DE0007257503

CECONOMY AG

(CEC)
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Ceconomy AG Settles Post-Pandemic Financing Structure

07/30/2021 | 10:00am EDT

CECONOMY AG ("CECONOMY") has settled its post-pandemic financing structure with the termination of its syndicated revolving loan agreement with the participation of KfW and implementation of its new ESG-linked syndicated revolving credit facilities. The €1.7 billion loan facility of the existing syndicated loan agreement with the participation of KfW was concluded in mid-May 2020 during the first wave of the COVID-19 pandemic and complemented company's existing credit facilities of €980 million at that time. It purely served as a back-up line and was never drawn. The company had already laid the foundation for its long-term post-pandemic financing structure in May of this year with the signing of new ESG-linked syndicated revolving credit facilities in the amount of €1.06 billion. The new facilities have a diverse maturity profile and are split into an initial five-year tranche with a volume of €707 million and an initial three-year tranche with a volume of €353 million. In addition, the company issued an inaugural €500 million 5-year senior unsecured bond in June of this year, thereby further enhancing its long-term financing structure. Following the recent issuance of the 5-year senior unsecured bond, company now concludes its post-pandemic financing structure with the implementation of the new ESG-linked syndicated revolving credit facilities. The new structure underpins company's continued prudent financial policy, which still allows the company to cover liquidity needs even in extraordinary times.


ę S&P Capital IQ 2021
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Analyst Recommendations on CECONOMY AG
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Financials
Sales 2021 21 216 M 24 861 M 24 861 M
Net income 2021 183 M 214 M 214 M
Net Debt 2021 1 034 M 1 212 M 1 212 M
P/E ratio 2021 7,95x
Yield 2021 1,37%
Capitalization 1 348 M 1 578 M 1 580 M
EV / Sales 2021 0,11x
EV / Sales 2022 0,10x
Nbr of Employees 45 254
Free-Float 42,4%
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 3,73 €
Average target price 5,44 €
Spread / Average Target 45,8%
EPS Revisions
Managers and Directors
Karsten Wildberger Chief Executive Officer
Florian Wieser Chief Financial Officer
Thomas Dannenfeldt Chairman-Supervisory Board
Karin Dohm Independent Member-Supervisory Board
Julia Goldin Independent Member-Supervisory Board
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