《DNB Markets：Europris（EPR.NO）-欧股公司研究报告-未能迅速改善OOB（瑞典折扣零售商）业绩不佳问题-240711（英文版）（45页）.pdf》由会员分享，可在线阅读，更多相关《DNB Markets：Europris（EPR.NO）-欧股公司研究报告-未能迅速改善OOB（瑞典折扣零售商）业绩不佳问题-240711（英文版）（45页）.pdf（45页珍藏版）》请在三个皮匠报告上搜索。

1、EUROPRIS No quick fix for OB The Q2 results were broadly in line with expectations,but the sales trend in Norway was soft and the results from oB weak,with a significant turnaround needed to achieve its SEK250m EBIT target by 2028.We have downgraded the stock to HOLD(BUY)and cut our target price to

2、NOK75(80)on lowered estimates.Q2 Norway EBITDA broadly in line with consensus.Norway EBITDA was NOK525m(we forecast NOK525m,consensus NOK531m),as lower revenues(LFL growth of 1.1%;we forecast 5%)were offset by a higher gross margin(44.7%;we forecast 44.5%,consensus 44.4%)and lower opex-to-sales(22.7

3、%;we forecast 22.9%).Weak trend in Sweden.oBs revenues have been flat since 2015,with declining profitability on lower footfall,a higher share of consumable sales,increased competition,and low investments.For the full Q2,oB(included from 1 May)had sales of SEK1,028m,down 4.1%YOY(LFL:-3.5%),due to lo

4、wer sales of non-food products.Its gross margin declined 470bp YOY to 30.2%,due to a SEK23m one-off and a higher share of consumable sales.EBIT was SEK-93m in Q2,down from SEK5m in Q2 2023,hit by total one-offs of SEK50m.with a significant turnaround needed to reach SEK250m EBIT target by 2028.Throu

5、gh a transformation plan including total capex of NOK300m,Europris aims to reach SEK5bn in revenues from oB(2023:SEK4.1bn)and an EBIT margin of 5%(2023:-1.2%)in 2028.The key focus areas are:1)category harmonisation and joint sourcing(PL share at SEK300m investment programme in 20242028,including upg

6、rading the store concept and IT platform,and various maintenance investments.The investments are due to increase gradually towards 2026 and then decline somewhat in 2027.The focus areas in the DNB Markets|Europris 11 July 2024 15 turnaround will be:1)category harmonisation and joint sourcing;2)impro