Home 190304 Beter Bed Holding | a cleaner sheet as of 2019
190304 Beter Bed Holding | a cleaner sheet as of 2019

190304 Beter Bed Holding | a cleaner sheet as of 2019

 

No. pages 7

Description

 

 

We already commented upon Beter Bed's FY18 results in our What's News last Friday 1st March. In this update we'll highlight our main findings following the FY18 presentation itself. As concluded in our earlier research, e.g. our 30 July 2018 update ('First impressions of new CEO's plan') following the H1-18 results presentation, Beter Bed's new management team has shown a strong sense of urgency and commitment to tackle the issues that have dented the company's profitability. That all started with analysing and identifying the reasons for the underperformance at primarily Matratzen Concord, a process that was basically completed last year. The next steps, including the roadmap towards to 2020-2022 targets, were presented at the CMD last October 2018. Execution has already started, both the cost cutting measurements but also the sales growth initiatives, and will continue this year and beyond.

The FY18 results were softish, but they were distorted by one-offs, as could be expected given the (already completed) restructuring at Matratzen Concord. Apparently, the company itself also felt it needed to further if not better explain the underlying figures. We summarized the underlying developments in the exhibits in this update, which are based on both the company's disclosure as well as our assumptions.

We finish this update presenting our base case savings scenario and illustrate how much progress the company has to realize further to achieve its medium term targets by 2020-2022.

 

 

 

 

 

Created Date: Tuesday May 28, 2019 12:16:40
Last Updated Date: Tuesday May 28, 2019 12:16:40
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