I just hope they won't do any dumb take-overs (like Max Bahr). This would be a complete waste of money, although their balance sheet can take it, easy. I think the company is just mismanagement in a big way. Their valuations is ridulous:
1. Market cap/turnover 0.5, etc.)
2. Their balance sheet is very much overcapitalized, especially for a retailer.
3. I belief about 50% of their EBITA comes from the promising CEE-countries.
I don't understand this absolutely ridiculous undervaluation. (I started buying just under 20 euros.....)
I can see just 2 threats:
1. Value destroying take-overs by Praktiker in the saturated German market
2. A "generous" take-over bid of 15 euros or less..
1. Market cap/turnover 0.5, etc.)
2. Their balance sheet is very much overcapitalized, especially for a retailer.
3. I belief about 50% of their EBITA comes from the promising CEE-countries.
I don't understand this absolutely ridiculous undervaluation. (I started buying just under 20 euros.....)
I can see just 2 threats:
1. Value destroying take-overs by Praktiker in the saturated German market
2. A "generous" take-over bid of 15 euros or less..