Metro AG: Quid of the ex-post credit situation in separatly listed entities?

SELL vs. NEUTRAL, Fair Value EUR26 (-8%)

News published on May Thursday 12, 2016
Share on

To the question of whether we can rule out a rights issue in order to address the capital structure problem ahead of the spin-off, management refused to answer. Some answers or non-answers can tell us a lot and, in this case, create an uncomfortable zone of uncertainty. On top of that, following the recent strong share performance, we now have 7% downside risk on our FV (EUR26). Downgrade to Sell vs. Neutral.

For more information, please contact

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities