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El Corte Inglés (CRTING; NR/BBB-/BBB-) Guidance (Private co)

CONSUMER STAPLES

€500m 7Y Guidance +165a vs. FV +150 (-15)

  • -25 in from IPT, books>€3.25b - latter very strong & similar to Legrand above.
  • Again might edge out a double digit NIC, but not large enough for us to see this as cheap.
  • Our limitations on seeing FV as attractive are centred around private co/ownership that is skewed to single individual, clarity of reporting financials and long duration.

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