2025-06-04-Jefferies-B_M零售（BME）_初步观点_新消息有限_7页_103kb

Company Overview
B&M Retail is a leading UK discount retailer, focusing on food, non-food items, and offers under B&M Bargains and B&M Home Store formats.

Key Financials

• FY25 EBITDA at £620m (upper end of £605-625m range); profit was broadly flat with +1% EBITDA growth, but negative operating profit (-2%).
• UK margin increased by 42bps, but free cash flow declined by 19%.
• Rating: Hold (Jefferies); price target cut from 350p to 305p due to lower FY26 profit expectations.

Outlook and Risks

• New CEO (Tjeerd Jegen) joining on June 16; initiatives target FMCG performance and mitigating higher costs.
• Risks include negative LFL momentum, margin reversion to historical levels, and execution risks from M&A activities.

Valuation

• Valuation based on 9x FY26 earnings estimate, with current consensus EBITDA of £621m for FY26.
• Analyst certification and conflict disclosures standard in equity research reports.