Den User Captainfrom82 solltet ihr mal lesen, auch andere Posts von ihm:
"Hi DTD,
Pepkor Europe is the entity to be listed (not PepCo). The two large businesses in this stable is PepCo and Poundland.
Regarding the valuation, at Business School one of the formulae that we used was :
V = (1-t){(Ebit2018)(1-g/ROCE)/(WACC-g)}
There are multiple other formulae but they all have their pluses and minuses.
Steinhoff's rather high (temporarily) WACC will skew this calc. Also, the very high growth rate that Pepkor Europe is enjoying will not be sustained (PepCo grew 1Q18 vs 1Q19 at 37% in CCG - the muted growth of only 1% in Poundland [probably your Brexit issue] muted Pepkor Europe overall growth to only 15%).
To some extent you may be able to use Pepkor South Africa as a test case/base for the Pepkor Europe valuation. They both a quite similar - both enjoy EBIDTA margins of aroundf 9.2%.
Obviously South Africa has its own unique challenges that you guys probably know better. A big concern is the slow growth of the SA economy - constantly being rated down; another is the Moodys rating due later; unemployment; crime and all the other social ills.
But using SA as a base will build in a pretty fat margin of safety in your calculation.
Pepkor Europe is now almost as big as Pepkor SA (measured in revenue terms it is 83% of Pepkor SA). The large growth rate, in a growth area of the world economy with a significantly wealthier populace will see Pepkor Europe surpass Pepkor SA pretty soon.
I am not sure if you invest internationally. I have set aside a sum to ensure that when the IPO takes place that I have the funds to participate. I am pretty sure the lenders will be the largest shareholders. But the general population will be able to get in quite soon. The listing is expected to be in London.
These type of business growth rate is staggering. And its almost all cash sales, so very little default or bad debts.Pep Stores SA grew at a staggering 28% CAGR over 19 years - that means you would have seen a 100x return. Had you bought $10000 shares, you would have around $1m
Disclaimer: I am NOT a Guru. All of the above is my opinion. I hold Steinhoff shares and I am long on Steinhoff.
Apologies for the long post. I bet You Know Who's fingers must be itching to post a "Guru" insult.
Best Regards
Captainfrom82"
Page 5 of 287 - Steinhoff - posted in ShareChat: [quote name=Machine#curious post=285098 timestamp=1553840396]Sens out...On 28 March 2019, the Company and LSW agreed that the Application be dismissed on consensual terms. The parties accordingly filed with the court a Consent Order giving effect (if a ...