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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  X5 Retail Group    FIVE

X5 RETAIL GROUP

(FIVE)
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X5 Retail : remains #1 in Russian e-grocery in 9M 2020

11/20/2020 | 02:09am EST

Moscow, 20 November 2020 - X5 Retail Group ('X5' or the 'Company'), a leading Russian food retailer (LSE and MOEX ticker: 'FIVE'), announces that continued growth in online sales during 9M 2020 enabled the Company to maintain its #1 position in the Russian e-grocery market, according to Infoline data for the period.

X5's total online turnover for 9M 2020 was RUB 12.7 billion (including VAT); this includes RUB 9.6 billion from Perekrestok Vprok and RUB 3.1 billion from express delivery services.

X5's online sales for both Q3 2020 and 9M 2020 continued to see robust growth, rising by more than 4x year-on-year.

Online sales accounted for 0.8% of X5's total turnover in Q3 2020; in Moscow and the Moscow region the share online sales was 1.9% during the period. For FY 2020, online sales are expected to exceed 1% of X5's total sales and to exceed 2% of sales in Moscow and the Moscow region. Revenue from X5's digital businesses is expected to amount to at least 2% of total revenue in 2021.

X5's online platforms handled over 1.7 mln orders in Q3 2020, with 846 ths orders completed by Perekrestok Vprok and 855 ths by express delivery services. In Q3 2020, the average check for the online hypermarket was RUB 3,791, while for express deliveries from proximity stores and supermarkets it was RUB 1,540. The daily order completion rate for Perekrestok Vprok in Q3 2020 was 9.2 ths and for express delivery services it was 9.3 ths.

In express delivery X5 deploys two types of operating models: delivery from existing stores and from mini dark stores in high-proximity areas. Both models have achieved strong operating results that were above initial expectations.

In October and November 2020, X5 has seen an acceleration in consumer demand for online groceries. This is predominantly attributable to higher adoption of such services by consumers, as well as to seasonal factors and safety concerns related to the rising number of COVID-19 cases. In order meet rising consumer demand, X5 expanded its online offering in July-November 2020 to 13 additional cities. Express delivery expanded to Nizhniy Novgorod, Voronezh, Ekaterinburg, Novosibirsk, Chelyabinsk, Samara and Ufa. Perekrestok Vprok added coverage for Tver, Tula, Ryazan, Vladimir, Cheboksary, Kazan, Velikiy Novgorod and Vyborg. X5's online services are currently available in 18 cities.

During peak days in November 2020, the number of daily orders fulfilled by both online platforms reached 42,000, with further growth expected in the high pre-holiday season. The expected number of daily orders in December is over 50,000. The average check for Perekrestok Vprok was RUB 4,008 in November, while for express delivery services it was RUB 1,542.

In order to maintain strong financial results while supporting the fast growth of its digital businesses, X5 is using an internal digital transformation programme that makes possible the re-design and automation of critical internal processes to achieve new levels of speed and efficiency. The expected positive impact of X5's strategic digital transformation in FY 2020 on the Company's EBITDA is RUB 6.7 bn.

X5 Retail Group's Q3 2020 EBITDA margin expanded by 116 bps year-on-year (under IAS 17) to 8.0%, and one of the Company's strategic priorities is to deliver profitable growth in its online operations. Perekrestok Vprok operations on a standalone basis were EBITDA-positive during the lockdown in May 2020, and management estimates it is on track to generate positive EBITDA in 2021. The express delivery business is expected to become EBITDA positive in 2023.

X5 expects Russia's online grocery market to continue to grow, and aims for the Company's market share in the e-grocery segment to continue to rise in 2020 and beyond.

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Disclaimer

X5 Retail Group NV published this content on 20 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2020 07:08:02 UTC


© Publicnow 2020
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Sales 2020 26 446 M - -
Net income 2020 567 M - -
Net Debt 2020 9 883 M - -
P/E ratio 2020 18,6x
Yield 2020 6,11%
Capitalization 10 144 M 10 144 M -
EV / Sales 2020 0,76x
EV / Sales 2021 0,70x
Nbr of Employees 269 300
Free-Float 99,9%
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Number of Analysts 18
Average target price 45,71 $
Last Close Price 37,36 $
Spread / Highest target 56,0%
Spread / Average Target 22,3%
Spread / Lowest Target -35,8%
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Igor Shekhterman Chairman-Management Board & CEO
Stephan DuCharme Chairman-Supervisory Board
Svetlana Demyashkevich Chief Financial Officer
Alla Antonova Head-Architecture
Anton Valkov Chief Information Officer
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