2025-05-15-Jefferies-B_M零售（BME）_初步观点新首席执行官任命_7页_108kb

Analysis & Summary: B&M European Value Retail SA (BME LN)

Key Points

• Company: B&M Retail is a leading UK discount retailer operating in the value sector, selling a wide range of food and non-food products via two main formats: B&M Bargains (high-street) and B&M Home (larger out-of-town stores). It also operates in France (acquired in 2018).

• Valuation & Rating: Jefferies Equity Research sets the current rating as HOLD (expected 12-month total return: +15% to -10%). The price target is 305p, reflecting reduced profit expectations and a lower valuation multiple compared to the previous PT of 350p. The last closing price is 339.90p.

• Risks: The company faces risks including potential reversal of declining UK consumer trading trends, muted long-term growth due to initiative annualisation, reversion of EBITDA margins to historical levels, and execution risks associated with potential M&A activity. Downgrade momentum and negative LFL (sales growth adjusted for stores opening/closing) risk also exist.

• Management: New CEO, Tjeerd Jegen, joined effective 16 June 2025. He has extensive international retail leadership experience (Ahold Delhaize, Metro, Tesco, Woolworths, HEMA, Takko Fashion) and is noted for strategic insight, customer focus, and a strong track record of growth and transformation. He succeeds interim CEO Mike Schmidt and his background suggests significant capability, though his previous role was concluded two years prior.

Investment Recommendation & Analysts

• Rating: HOLD (Total return expectation: +15% to -10%)
• Price Target: 305p (down from 350p)
• Analysts: Andrew Wade, Grace Gilberg (Jefferies)

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## Personnel/Disclaimer
*   Analyst certifications included.