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Stockmann: in its glory days, the Harrods of the north, now in corporate restructuring after years of struggles. The value creation rests primarily on fashion chain Lindex's shoulders. Analyst Rauli Juva summarizes the initiation of coverage research- 40+pages of a deep dive into the case, including recommendation and target price.
Read the research "Stockmann Initiation of coverage: Department stores still a source of grief" here.
Published: 2022-11-18
Contents:
00:00 Start
00:10 The Group: Stockmann and Lindex
01:08 Business model
04:57 Stockmann’s role and synergies
07:33 Corporate restructuring program
12:28 Lindex
15:30 The effect of a strong dollar
17:30 Real estate and IFRS 16
24:05 Investor’s point of view on IFRS 16
26:06 Risks
30:25 Valuation and recommendation