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B&M European Value Retail : Moody's Assigns Ba3 Corporate Family Credit Rating To B&M European

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01/23/2017 | 03:32pm CET

LONDON (Alliance News) - Moody's Investors Service on Monday assigned a first time corporate family credit rating of Ba3 and probability of default rating of Ba3-PD to FTSE 250-listed B&M European Value Retail SA.

Additionally, Moody's assigned a (P)Ba3 instrument rating to the GBP250 million senior secured notes due 2022 to be issued by the company. The outlook on all the ratings is stable.

Moody's said the Ba3 corporate family rating "reflects the strengths of B&M's business model as evidenced by its rapid growth over recent years in a very competitive market place, its solid margins and good free cash flow generation before shareholder distributions."

In particular, Moody's highlighted B&M's ability to compete with much larger rivals by carefully selecting secondary brand products, private label goods, and size and flavour variations of primary brands.

"A more narrow selection of products across a wide range of groceries and general merchandise compared to traditional retailers also enables the company to quickly adapt to competition and changing customer preference," Moody's said.

However, the rating also reflects B&M's small but growing size relative to traditional retailers, its UK concentration, and somewhat leveraged capital structure.

The stable outlook is a result of Moody's expectation of continued solid growth from new store openings. "The rating and outlook also incorporate Moody's expectation that leverage will not materially increase from current levels and do not factor in any larger debt-funded acquisitions," Moody's said.

Shares in B&M were down 0.4% at 297.90 pence Monday afternoon.

Copyright 2017 Alliance News Limited. All Rights Reserved., source Alliance News

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Financials ($)
Sales 2016 3 569 M
EBIT 2016 1 471 M
Net income 2016 843 M
Debt 2016 1 590 M
Yield 2016 1,43%
P/E ratio 2016 23,15
P/E ratio 2017 20,06
EV / Sales 2016 5,86x
EV / Sales 2017 5,49x
Capitalization 19 315 M
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Mean consensus HOLD
Number of Analysts 14
Average target price 105 $
Spread / Average Target 3,5%
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Managers
NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry K. McKinnell Chairman
Linda S. Huber Chief Financial Officer & Executive Vice President
Tony Stoupas Chief Information Officer & Senior Vice President
Basil L. Anderson Independent Director
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