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Steinhoff een mooie kans

1. OJ84 28 april 2021 08:23

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2. DeZwarteRidder 28 april 2021 08:23

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   quote:

   DeToeKomst 2021 schreef op 28 april 2021 08:08:

   PEPKOR TRADING UPDATE
   
   irhosted.profiledata.co.za/pepkor/201...
   

   Trading Statement and Voluntary Trading Update for the six months ended 31 March 2021
   
   Pepkor Holdings Limited
   (Incorporated in the Republic of South Africa)
   (Registration number: 2017/221869/06)
   Share Code: PPH
   Debt Code: PPHI
   ISIN: ZAE000259479
   (“Pepkor” or the “group”)
   
   TRADING STATEMENT AND VOLUNTARY TRADING UPDATE FOR THE SIX MONTHS
   ENDED 31 MARCH 2021
   
   VOLUNTARY TRADING UPDATE
   
   Continuing operations
   
   Pepkor increased revenue from continuing operations by 8.1% to R36.5 billion for the six months
   ended 31 March 2021 (the “period”). This is in context of the comparable six months period ended
   31 March 2020 (the “comparable period”) which was largely unaffected by the Coronavirus
   pandemic (“COVID-19”).
   
   Conservative credit granting across all credit books in addition to lower interest rates, negatively
   impacted growth in revenue earned from the Tenacity, Connect and Capfin credit books. When
   revenue from these credit books is excluded, revenue growth of 9.9% was achieved.
   
   Strong trading and continued market share gains in nearly all retail brands (according to Retailers’
   Liaison Committee data) supported performance despite volatile operating conditions. The period
   under review included restrictions imposed to deal with the second wave of COVID-19 and the
   delayed start to the academic school year. From a group perspective, cash sales increased by
   10.7% while credit sales decreased by 3.8%. The credit contribution to total group sales reduced
   to 7% for the period from 8% in the comparable period. Credit book collections during the period
   were at similar levels to those achieved in the comparable pre-COVID-19 period.
   
   Group retail space declined by 1.8% year-on-year. During the period 108 new stores were opened
   and 180 stores closed, including 111 John Craig stores which were disposed of. Store openings
   were focused in the most robust and proven retail brands in the group.
   
   Clothing and general merchandise
   
   The clothing and general merchandise segment increased revenue by 8.1% to R26.3 billion for
   the period.
   
   Performance in Pep and Ackermans was underpinned by the leadership of these two retail brands
   in the discount and value segments of the market. Pep and Ackermans in aggregate increased
   sales by 8.8% and like-for-like sales increased by 6.9%. Both Pep and Ackermans continued to
   grow market share in a declining apparel retail market.
   
   Retail space expansion in Pep and Ackermans amounted to 2.6% year-on-year. This included
   the opening of 65 new stores during the period.
   
   Pep Africa increased constant currency sales by 7.1% while like-for-like sales increased by
   13.1%. In South African Rand terms, sales declined by 12.1% due to the weakening of local
   currencies and strengthening of the Rand.
   
   The Speciality business benefited from consumer demand for casual wear and branded footwear
   in the value segment. Sales increased by 11.3% including John Craig which was disposed of in
   February 2021. Excluding John Craig, sales increased by 16.6% and like-for-like sales increased
   by 13.5%.
   
   The Tenacity gross credit book, which facilitates sales in Ackermans and Speciality, increased to
   R3.2 billion at 31 March 2021 from R3.1 billion at 31 March 2020. Similar collection levels were
   achieved to those in the comparable period. In Ackermans, strong growth in cash sales resulted
   in the credit sales mix reducing to 17% from 18% in the comparable period.
   
   Furniture, appliances and electronics
   
   The furniture, appliances and electronics segment increased revenue by 12.8% to R5.7 billion for
   the period. Sales of merchandise increased by 16.4% and like-for-like sales increased by 18.1%
   as consumers continue to upgrade technology to support working or studying remotely and
   investing in their homes in terms of furniture and appliances.
   
   Performance was underpinned by strong growth in cash sales during the period and this, in
   addition to prudent credit granting, resulted in the total credit sales mix reducing to 9% from 17%
   in the comparable period.
   
   The Connect gross credit book, which facilitates credit sales in JD Group, reduced to R1.5 billion
   from R1.8 billion at 31 March 2020. Collections were at similar levels to that achieved in the
   comparable period.
   
   Fintech
   
   The Fintech segment increased revenue by 3.1% to R4.5 billion for the period.
   
   Revenue growth momentum in the FLASH business continued at double-digits as it invests in
   new products, channels and geographies. Reduced credit granting and lower interest rates
   impacted revenue growth in the Capfin unsecured lending business. The gross Capfin credit book
   reduced to R1.9 billion from R2.6 billion at 31 March 2020 with collections improving marginally
   on the comparable period.
   
   Discontinued operations - The Building Company
   
   The Building Company increased sales by 9.6% with like-for-like sales growth of 11.7%. The
   disposal of The Building Company, as previously announced, remains in process as South African
   Competition authorities consider the transaction.
   
   Balance sheet and liquidity
   
   Strong cash generation during the period facilitated reduction in net debt to R6.1 billion at
   31 March 2021 compared to R14.1 billion at 31 March 2020 (including discontinued operations).
   This included settlement of the last remaining preference share funding of R2.0 billion during the
   period.
   
   TRADING STATEMENT
   
   In terms of the JSE Limited (“JSE”) Listings Requirements (the “Requirements”), a listed
   company is required to publish a trading statement as soon as it becomes aware that a reasonable
   degree of certainty exists that the financial results for the financial period to be reported on next
   will differ by at least 20% from the financial results for the previous corresponding period.
   
   Pepkor hereby advises shareholders and noteholders that a reasonable degree of certainty exists
   that its earnings per share (“EPS”) and headline earnings per share (“HEPS”) for the six months
   ended 31 March 2021 will increase by at least 20% as set out below. Both EPS and HEPS in the
   comparable period have been adjusted to reflect The Building Company as a discontinued
   operation.
   
   EPS and HEPS - continuing operations:
   
   – EPS is expected to increase by at least 8.8 cents (20%) when compared to the EPS of
   43.8 cents reported for the comparable period; and
   
   – HEPS is expected to increase by at least 9.1 cents (20%) when compared to the HEPS of
   45.6 cents reported for the comparable period.
   
   EPS and HEPS - including discontinued operations:
   
   – EPS is expected to increase by at least 8.5 cents (20%) when compared to the EPS of
   42.6 cents reported for the comparable period; and
   
   – HEPS is expected to increase by at least 8.9 cents (20%) when compared to the HEPS of
   44.5 cents reported for the comparable period.
   
   The increase in EPS and HEPS is attributed to strong trading performance in addition to the
   marked reduction in net debt and related finance costs during the period.
   
3. [verwijderd] 28 april 2021 08:24

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   quote:

   DeToeKomst 2021 schreef op 28 april 2021 08:08:

   PEPKOR TRADING UPDATE
   
   irhosted.profiledata.co.za/pepkor/201...
   

   Dat zijn hele mooie getallen.
   Ben benieuwd of dit ook iets met de koers van Steinhoff doet.
   Pepkor heeft een notering in Frankfurt.
4. OJ84 28 april 2021 08:24

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   Steinhoff to proceed with Pepco IPO ahead of Warsaw listing
   
   By Sandile Mchunu Time of article published 52m ago
   
   DURBAN - STEINHOFF International leapt more than 3 percent on the JSE on Monday morning after the retailer said it planned to proceed with the initial public offering (IPO) of Pepco Group.
   
   The group said the move, which would result in its listing on the Warsaw Stock Exchange, came after it received necessary consents from its financial creditors to sell at least 15 percent of shares in Pepco Group for nearly R13 billion.
   
   Pepco said it believed that the offering and admission was a natural step at this point in its growth and maturity, giving it access to a wider range of capital-raising options which may be of use in the future.
   
   “It is intended to diversify the group’s shareholder base and further the group’s separation from the Steinhoff group, improve the ability of the group to recruit, retain and incentivise its key management and colleagues, and create a liquid market in the shares for existing and future shareholders,” Pepco said.
   
   Pepco is a discount variety retailer which operates in more than 16 countries in Europe and has more than 3 200 stores.
   
   MORE ON THIS
   
   Steinhoff International gains 6% on news of separate listing for Pepco
   Steinhoff shares leap 6% on ACGs vote of confidence
   Steinhoff dangles R1.37bn to settle claims
   Sources say Pepco, which owns Poundland in the UK as well as the Pepco and Dealz brands in Europe, was valued at around $6bn (R85.44bn).
   
   Steinhoff has been battling for survival since it admitted to accounting irregularities in 2017 which led to a more than 95 percent decline in its share price.
   
   It said the planned offering would consist of the sale of its existing shares by current shareholders and the offering targets institutional and retail investors, including a public offering in Poland and an offering to certain institutional investors in and outside of the US.
   
   Pepco chief executive Andy Bond said their intention to float on the Warsaw Stock Exchange marked an important milestone for the group.
   
   “We are strongly positioned to deliver significant long-term growth, given our market leading customer proposition in the most attractive sector of retail, the scale of opportunity ahead of us as we expand across the entirety of Europe and the investment in strengthening the infrastructure of the business over recent years,” Bond said.
   
   Pepco Group’s store roll-out programme has increased its Pepco store portfolio by approximately 300 net new stores as announced in the three years to end September 2020 and it targets to open 70 new stores a year under the Dealz brand in Poland and Spain starting from the financial year 2021.
   
   Bond said each of their retail businesses had a clear strategy for continued growth.
   
   “Our Pepco brand has consistently opened more than 300 stores and entered one new territory a year. Following the brand’s successful launch in Italy and Serbia and its scheduled opening in Spain later this spring, we now have the opportunity to target the whole of Europe for Pepco, leading to even greater growth and scale,” he said.
   
   Pepco Group’s ambition is to deliver more than €1bn (R17.31bn) in earnings before interest, tax, depreciation and amortisation (Ebitda) within five to seven years.
   
   In the year to end September 2020, Pepco Group reported a 30.82 percent decline in Ebitda to €229m, due to the impacts of Covid-19 after some of its stores were closed to limit the spread of the pandemic.
   
   sandile.mchunu@inl.co.za
5. [verwijderd] 28 april 2021 08:26

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   DURBAN - STEINHOFF International leapt more than 3 percent on the JSE on Monday morning after the retailer said it planned to proceed with the initial public offering (IPO) of Pepco Group.
   
   The group said the move, which would result in its listing on the Warsaw Stock Exchange, came after it received necessary consents from its financial creditors to sell at least 15 percent of shares in Pepco Group for nearly R13 billion.
   
   Pepco said it believed that the offering and admission was a natural step at this point in its growth and maturity, giving it access to a wider range of capital-raising options which may be of use in the future.
   
   “It is intended to diversify the group’s shareholder base and further the group’s separation from the Steinhoff group, improve the ability of the group to recruit, retain and incentivise its key management and colleagues, and create a liquid market in the shares for existing and future shareholders,” Pepco said.
   
   Pepco is a discount variety retailer which operates in more than 16 countries in Europe and has more than 3 200 stores.
   Sources say Pepco, which owns Poundland in the UK as well as the Pepco and Dealz brands in Europe, was valued at around $6bn (R85.44bn).
   
   Steinhoff has been battling for survival since it admitted to accounting irregularities in 2017 which led to a more than 95 percent decline in its share price.
   
   It said the planned offering would consist of the sale of its existing shares by current shareholders and the offering targets institutional and retail investors, including a public offering in Poland and an offering to certain institutional investors in and outside of the US.
   
   Pepco chief executive Andy Bond said their intention to float on the Warsaw Stock Exchange marked an important milestone for the group.
   
   “We are strongly positioned to deliver significant long-term growth, given our market leading customer proposition in the most attractive sector of retail, the scale of opportunity ahead of us as we expand across the entirety of Europe and the investment in strengthening the infrastructure of the business over recent years,” Bond said.
   
   Pepco Group’s store roll-out programme has increased its Pepco store portfolio by approximately 300 net new stores as announced in the three years to end September 2020 and it targets to open 70 new stores a year under the Dealz brand in Poland and Spain starting from the financial year 2021.
   
   Bond said each of their retail businesses had a clear strategy for continued growth.
   
   “Our Pepco brand has consistently opened more than 300 stores and entered one new territory a year. Following the brand’s successful launch in Italy and Serbia and its scheduled opening in Spain later this spring, we now have the opportunity to target the whole of Europe for Pepco, leading to even greater growth and scale,” he said.
   
   Pepco Group’s ambition is to deliver more than €1bn (R17.31bn) in earnings before interest, tax, depreciation and amortisation (Ebitda) within five to seven years.
   
   In the year to end September 2020, Pepco Group reported a 30.82 percent decline in Ebitda to €229m, due to the impacts of Covid-19 after some of its stores were closed to limit the spread of the pandemic.
6. DeZwarteRidder 28 april 2021 08:29

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   Nogmaals: Pepkor is NIET hetzelfde als Pepco......!!!
7. [verwijderd] 28 april 2021 08:31

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   DeZwarteRidder schreef op 28 april 2021 08:29:

   Nogmaals: Pepkor is NIET hetzelfde als Pepco......!!!
   

   Dat zal toch wel iedereen snappen hier hoop ik.
8. [verwijderd] 28 april 2021 09:02

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   Ik vind het vreemd dat de koers van Steinhoff niet reageert op deze prachtige cijfers van Pepkor.
   Het geeft eens te meer aan dat het wachten is op 16 juni , blijkbaar nog teveel onzekerheid of de laatste eisers ook akkoord gaan met de settlement.
   
9. [verwijderd] 28 april 2021 09:08

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10. [verwijderd] 28 april 2021 19:19

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    Tegengeluid , gelezen op een ander forum:
    
    Here comes the Steinhoff legend.
    
    In the court papers, Hamilton argues the settlement gives undue preference to a select group of creditors — essentially certain well-connected businessmen, such as Wiese, who entered large share-purchase or swap contracts directly with Steinhoff.
    
    Hamilton, which represents a wide group of market purchase claimants — including asset managers such as Coronation, Allan Gray, Sanlam and Old Mutual — has a R14bn claim against Steinhoff. 25% OF ALL CLAIMS!
    
    They say this group, the contractual claimants, don’t constitute a "class" of creditors as envisaged by the act, that can be distinguished from others for the purpose of a separate (and better) offer. ALL THE SAME CLASS!
    
    IF HAMILTON SAYS NO, YOU ARE TOAST!
    
    Gif of the Heros from Steinhoff
11. posilies 28 april 2021 19:54

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    quote:

    waarom niet schreef op 28 april 2021 19:19:

    Tegengeluid , gelezen op een ander forum:
    
    Here comes the Steinhoff legend.
    
    In the court papers, Hamilton argues the settlement gives undue preference to a select group of creditors — essentially certain well-connected businessmen, such as Wiese, who entered large share-purchase or swap contracts directly with Steinhoff.
    
    Hamilton, which represents a wide group of market purchase claimants — including asset managers such as Coronation, Allan Gray, Sanlam and Old Mutual — has a R14bn claim against Steinhoff. 25% OF ALL CLAIMS!
    
    They say this group, the contractual claimants, don’t constitute a "class" of creditors as envisaged by the act, that can be distinguished from others for the purpose of a separate (and better) offer. ALL THE SAME CLASS!
    
    IF HAMILTON SAYS NO, YOU ARE TOAST!
    
    Gif of the Heros from Steinhoff
    

    Hamilton wil een beter en groter deel voor hun leden ( eisers ) ook al omdat er meerdere soorten verdeelsleutels zijn, aan Steinhoff of hun advocaten om daar een akkoord te vinden, Hamilton kan ook nog leden verliezen die wel een akkoord zien zitten. Ingewikkeld dat zeker. Iedereen dacht dat Wiese het moeilijkst ging zijn, zo zie je maar.
12. [verwijderd] 28 april 2021 19:57

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    quote:

    posilies schreef op 28 april 2021 19:54:

    [...]
    Hamilton wil een beter en groter deel voor hun leden ( eisers ) ook al omdat er meerdere soorten verdeelsleutels zijn, aan Steinhoff of hun advocaten om daar een akkoord te vinden, Hamilton kan ook nog leden verliezen die wel een akkoord zien zitten. Ingewikkeld dat zeker. Iedereen dacht dat Wiese het moeilijkst ging zijn, zo zie je maar.
    

    Ja inderdaad.
    Ik geloof dat het wel goedkomt maar dit lijkt mij nog het grootste gevaar.
    Vandaar ook dat de koers nauwelijks van zijn plaats komt na al het goede nieuws.
13. [verwijderd] 28 april 2021 21:27

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    Natuurlijk willen ze meer. Maar ze laten de boel heus niet klappen. Dan hebben ze niks.
14. [verwijderd] 28 april 2021 21:35

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    quote:

    Gunba schreef op 28 april 2021 21:27:

    Natuurlijk willen ze meer. Maar ze laten de boel heus niet klappen. Dan hebben ze niks.
    

    Als het zo simpel was stond er een euro op het bord.
15. Steenbok1972 29 april 2021 09:16

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    We zullen toch niet over de €0.13 gaan vandaag ? Dat zal fantastisch zijn .
16. objectief 29 april 2021 09:27

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    Steenbok1972 schreef op 29 april 2021 09:16:

    We zullen toch niet over de €0.13 gaan vandaag ? Dat zal fantastisch zijn .
    

    Hoezo?? dat is een stijging van minder dan 1 cent. Je moet wel vele miljoenen aandelen hebben wil dit relevant zijn.
17. [verwijderd] 29 april 2021 09:37

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    quote:

    objectief schreef op 29 april 2021 09:27:

    [...]
    
    Hoezo?? dat is een stijging van minder dan 1 cent. Je moet wel vele miljoenen aandelen hebben wil dit relevant zijn.
    

    Je doet je naam weer een aan , objectief.
    Kun jij zien hoeveel aandelen hij heeft?
    En dus is iedere stijging relevant en mag hij daar blij mee zijn.
    
18. josti5 29 april 2021 09:41

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    Och fred, ff rekenen: 100.000 x 1 cent = 100.000 cent = 1000 euro, nietwaar?
    
    Dus stel, je hebt een winst-wens op Steinhoff van 50.000 euro, en een koersdoel van 0,50.
    Stel op 0,10 gekocht, en dus winst van 0,40 per aandeel, dan heb je 125.000 stukkies nodig, oftewel 12.500 euro.
    En 50.000 euro is toch een leuk jaar-inkomen, toch?
    Is het niet dit jaar, dan volgend jaar wel, met een grote mate van waarschijnlijkheid.
    
    OK: ik ben maar een kleintje, en jij gaat voor het grote werk.
    Maar, mocht het alsnog fout gaan, dan ben ik slechts 12.500 (minus de reeds gemaakte tradewinst) kwijt.
    
    Ik eet liever een boterham met tevredenheid, dan dat ik ten onder ga aan mijn hebzucht :-)
19. objectief 29 april 2021 09:49

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    quote:

    josti5 schreef op 29 april 2021 09:41:

    Ik eet liever een boterham met tevredenheid, dan dat ik ten onder ga aan mijn hebzucht :-)
    

    Sorry, ik was niet nieuwsgierig naar jou persoonlijke capriolen.
    Maar okay, we leven in een democratie en als je weer zo graag alle details van je financien en familie hier wilt publiceren., dan moet dat maar.
20. josti5 29 april 2021 10:11

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    quote:

    objectief schreef op 29 april 2021 09:49:

    [...]
    
    Sorry, ik was niet nieuwsgierig naar jou persoonlijke capriolen.
    Maar okay, we leven in een democratie en als je weer zo graag alle details van je financien en familie hier wilt publiceren., dan moet dat maar.
    

    Proest...
    Al jaren achtervolg je mij met ridicule verdraaiingen van mijn 'persoonlijke ontboezemingen'- zooo 'niet nieuwsgierig' ben je...
    Je doet maar, hoor.