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FRANKFURT (dpa-afx) – The entrance of Freenet, the MediaMarkt- and Saturn-mother Ceconomy Monday caused a stir. Brokers pointed to the high valuation premium paid by the mobile operator for its surprising participation in the operator of the two major electronics chains. This also puts an end to the uncertainty that weighed on Ceconomy's shares for weeks considering the ongoing capital increase. On the other hand, experts have questioned the utility of the deal for Freenet
Sometimes, Ceconomy's shares have recovered from just over 11%. But even with a final gain of 8.63% to 7.754
euros they were able to hold the top of MDax, the index of medium-sized German companies. Almost two weeks ago, it was reported that the electronics distributor was considering a capital increase – since then, the stock had fallen by nearly 18% to 7.188 euros.
The entry of Freenet as a strategic investor and valuation premium wrote badyst Tushar Jain of the US investment bank
Goldman Sachs . The mobile operator has guaranteed the purchase of Cecelia shares newly issued around 9% of the MediaMarkt and Saturn mothers, as both companies had disclosed Friday after market close. […] Meanwhile, Freenet shares fell on Monday in technology stocks.
The TecDax index slid 2.69% to 22,080 euros and was thus the cheapest since December 2014.
The premium of about 19% on the closing price of Xetra paid by Freenet at 8.50 euros per share Ceconomy, called a dealership as unusual. The strategic and financial benefits of the deal are limited for Freenet, raising questions about the discipline of capital, criticized Heike Pauls
Commerzbank
His colleague Maurice Patrick of the UK investment bank [19659010] Barclays [1965] was not clear either where the synergies for the mobile operator in this case could be – even though Ceconomy's Media Markt subsidiary is the most important channel of distribution. The question arises as to whether the money would not have been better invested, writes badyst Markus Friebel of Independent Research, who has now lowered from 2 euros to 25 euros his course goal for the title.
Freenet and MediaMarktSaturn longstanding partnership. Freenet's subsidiary Mobilcom-Debitel has been selling its own mobile phone contracts in the electronics markets for more than 25 years. Freenet's boss, Christoph Vilanek, therefore spoke of important impulses for both the mobile radio sector as well as for television and the digital lifestyle . Goldman's expert, Joshua Mills, suspects that the cooperation may be under pressure and that Freenet may want to cover its most important trading partner.
Ceconomy wants to increase its own balance sheet with a product of about 277 million euros following the capital increase of Freenet use and therefore continue to implement their own strategy. Money is currently burning the problematic markets of Sweden and Russia. However, Ceconomy has found a solution for Russia with the sale to the Russian group Safmar.
The strategy also includes acquisitions. Analysts predict that sooner or later, Ceconomy will complete its stake in French trader Fnac Darty or will buy out the heirs of the missing minority shareholder Erich Kellerhals of the company. / Gl / she / jha / ck / fba
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