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Kesko (KESBV; unrated) final asides

CONSUMER STAPLES

exp. €300m Green 5.3Y Guidance MS+135-40 vs. FV +122

  • Books ~€500m are VERY weak, pricing is not bad (-20 in from IPT and it's giving the normal single line grocer discount).
  • We don't have a firm view but skewed to see some value at guidance. It will come in as the sector leader on margins (10% on EBITDA).

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exp. €300m Green 5.3Y Guidance MS+135-40 vs. FV +122

  • Books ~€500m are VERY weak, pricing is not bad (-20 in from IPT and it's giving the normal single line grocer discount).
  • We don't have a firm view but skewed to see some value at guidance. It will come in as the sector leader on margins (10% on EBITDA).

Keep reading...Show less