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MarketScreener Homepage  >  Equities  >  Xetra  >  Grenke AG    GLJ   DE000A161N30

GRENKE AG

(GLJ)
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Grenke : founder suspends board seat in wake of critical report

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09/21/2020 | 04:56am EDT

* Grenke to review franchise model

* To commission independent audit

FRANKFURT, Sept 21 (Reuters) - German leasing business Grenke said on Monday that its founder Wolfgang Grenke would temporarily give up his seat on the supervisory board in the wake of a critical report by a short seller accusing the company of fraud.

The company also said that it was studying changes to its franchise model, which was a focus of allegations in the report.

The announcements came after short-seller Viceroy Research released a 64-page report last week in which it accused the company of malfeasance, causing its shares to dive.

The company issued a series of rebuttals during the course of last week to say that all the allegations were unfounded.

Monday's announcement seeks to ease concerns about one of the central allegations of the report - the role of the company's founder as well as a franchise model that helped it to expand globally.

Grenke said it would commission an independent auditing firm to examine the acquisitions of the franchises.

The Viceroy report said that the company over the years bought various franchises without disclosing that corporate insiders, including Wolfgang Grenke, already controlled those franchises and stood to profit from the transaction.

In a statement last week, the company said that, until January, Wolfgang Grenke did not own or have say over any of the shares of the vehicle that controlled the franchises, and he received no payments.

Viceroy Research had called on Wolfgang Grenke to resign or be removed from the board. Following Monday's announcement it said on Twitter that Grenke "finally realizes it must consolidate franchisees".

Grenke's stock, which has lost about 44% of its value since Viceroy Research's report was published, was down 6.7% by 0756 GMT on Monday. (Reporting by Tom Sims; editing by Thomas Seythal and Maria Sheahan)


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Financials
Sales 2020 562 M 656 M 656 M
Net income 2020 69,3 M 80,8 M 80,8 M
Net Debt 2020 - - -
P/E ratio 2020 21,8x
Yield 2020 2,10%
Capitalization 1 453 M 1 694 M 1 695 M
Capi. / Sales 2020 2,58x
Capi. / Sales 2021 2,34x
Nbr of Employees 1 700
Free-Float 56,1%
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Mean consensus HOLD
Number of Analysts 6
Average target price 63,50 €
Last Close Price 31,24 €
Spread / Highest target 130%
Spread / Average Target 103%
Spread / Lowest Target 60,1%
EPS Revisions
Managers
NameTitle
Antje Leminsky Chairman-Management Board
Ernst-Moritz Lipp Chairman-Supervisory Board
Mark Kindermann Chief Operating Officer
Florian Schulte Member-Supervisory Board
Ljiljana Mitic Member-Supervisory Board
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