Economy Börse Express - ANALYSIS: Competition and more risks at...

Börse Express – ANALYSIS: Competition and more risks at Fielmann make Berenberg negative

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Shareholders in the optician chain Fielmann
underestimate according to the private bank Berenberg
numerous risks from the rapid change in the industry. The new,
Fielmann’s expensive growth strategy and a strong price recovery
Analyst Graham Renwick vote negative for the stock. The stroked in
According to a study available on Friday, his “hold” recommendation and advises
now for sale of the paper.

He also left the target price at 57 euros, which is for his
In my opinion, for some time now, this has risen sharply and unjustifiably
Share sees a downside potential of currently around 18 percent. The
Share would be that of the Dutch industry colleague
Grand vision Renwick added. The
Share price fell 6 percent on Friday to EUR 70.55.

Fielmann has long been considered unmatched in the optical retail sector
apply, but the industry is now big changes
subject, wrote the Berenberg analyst. I did
Companies still have a unique market share in
Germany, but competition is increasing and sales growth is decreasing.

Fielmann is looking for new growth-promising channels that
seemed convincing and investing in digitization and
Modernization. However, the expert also referred to the
associated higher risks, greater capital intensity
and margin dilution.

The dividend no longer appears due to the cash inflow
(Cash flow) covered, as Renwick said. “Fielmann eats that
Financial cushion gone, “he warned.

With the recommendation “Sell” Berenberg sees at sight twelve
Months of sustained downside potential of more than 15 percent
for the share./ck/mis/eas

Analyzing institute Berenberg.

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Publication of the original study: 13.02.2020 / 18:16 / GMT

First transmission of the original study: date in study not
specified / time in study not specified / time zone in study
not specified

 ISIN  DE0005772206

AXC0212 2020-02-14 / 14: 48

Copyright dpa-AFX Wirtschaftsnachrichten GmbH. All rights reserved. Redistribution, republication or permanent storage without the express prior consent of dpa-AFX is not permitted.

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