2025-06-11-花旗集团-百事可集团（PCOP）_佩普科集团（PCOP.WA）_出售镑店（最终协议）_10页_297kb

Pepco Group NV (PCOP.WA): Poundland Disposal Analysis

1. Transaction:

   • Pepco Group NV has completed the disposal of Poundland.
   • The shares were sold to Gordon Brothers for "nominal consideration".
   • Pepco maintained a secured loan of £30m and certain unsecured loans ("Pepco Loans") with Poundland, plus a new £30m overdraft facility.
   • Completion was contingent upon completion of a restructuring.

2. Citigroup's Take:

   • Welcomes the transaction.
   • Believes the deal simplifies the group structure, improves result transparency and growth outlook.
   • Anticipates improved market sentiment.
   • Notes that total disposal costs need clarification.

3. Financial Analysis:

   • Valuation: Target price of Zl32 derived from a blended approach: PE multiple (Zl26) and DCF model (Zl37).
   • Risks:
     • Slower store roll-out execution.
     • Margin pressures in Western Markets.
     • Changes in consumer behaviour/buying power.
     • Currency risk (costs in USD, revenues in EUR/GBP/ZAR).
     • Changes in international agreements affecting imports from China.
     • Cost inflation (freights, labour).
   • Non-Operational Risk: Potential share supply from main shareholder IBEX (~72% stake) upon disposal.

4. Valuation Details:

   • Zl32 target price based on an average of:
     • PE Multiple Valuation: Zl26 (12x 2026E PE).
     • DCF Valuation: Zl37 (WACC 10.5%, terminal growth 2%).