\nGrupul francez Carrefour, care a anun\u0163at recent \u00een mod oficial c\u0103 vrea s\u0103 v\u00e2nd\u0103 opera\u0163iunile din Rom\u00e2nia, purt\u00e2nd negocieri exclusive cu familia Pav\u0103l, a mai spus c\u0103 \u201ea primit o ofert\u0103 atractiv\u0103\u201d pentru businessul local. Ce \u00eenseamn\u0103 asta?<\/p>\n
\n\u201eAm primit o ofert\u0103 atractiv\u0103, echivalentul a 30% din v\u00e2nz\u0103ri, 4,8x EBITDA \u015fi 28,4x ROI\u201d, au declarat oficialii Carrefour \u00eentr-un document.<\/p>\n
\nTotu\u015fi, este oferta una atractiv\u0103?<\/p>\n
\nEste vorba de un enterprise value (adic\u0103 inclusiv datoriile) de 823 mil. euro pentru aproape 480 de magazine sub formate diferite \u015fi cu afaceri totale de 2,8 mld. euro anul trecut.<\/p>\n
\nDatele publice privind pia\u0163a de M&A \u015fi sectorul de retail din Europa arat\u0103 \u00eens\u0103 c\u0103 multiplul primit \u015fi f\u0103cut public de Carrefour e foarte mic. <\/p>\n
\nMai exact, francezii au acceptat s\u0103 v\u00e2nd\u0103 la discount, iar fra\u0163ii Pav\u0103l de la Dedeman au f\u0103cut un super deal (dac\u0103 se va finaliza tranzac\u0163ia). Acordul este a\u015fteptat s\u0103 se finalizeze \u00een S2 2026.<\/p>\n
\nDatele europene spun altceva<\/strong><\/p>\n \nUn raport al companiei de audit, consultan\u0163\u0103 fiscal\u0103 \u015fi financiar\u0103, outsourcing \u015fi sustenabilitate Forvis Mazars \u015fi al platformei de specialitate Mergermarket arat\u0103 c\u0103 multiplul \u00een retail \u015fi FMCG (analizate \u00eempreun\u0103) a fost \u00een 2024-2025 (cele mai recente date) de 10,6x \u00een Europa, \u00een urcare fa\u0163\u0103 de anterior.<\/p>\n \n\u201ePrivind imaginea de ansamblu la nivelul Europei, sectorul imobiliar se eviden\u0163iaz\u0103 cu un multiplu de tranzac\u0163ionare de 19,4x \u00een perioada 2024-25, \u00een sc\u0103dere u\u015foar\u0103 fa\u0163\u0103 de nivelul de 19,8x \u00eenregistrat \u00een perioada 2023-24. Tehnologia ocup\u0103 locul al doilea cu un nivel de 13,9x (\u00een sc\u0103dere de la 15,1x \u00eenregistrat \u00een perioada anterioar\u0103 \u015fi de la 15,9x observat \u00een 2022-23). Invers, printre industriile majore, sectorul de retail \u015fi bunuri de larg consum a \u00eenregistrat cea mai mare cre\u015ftere a multiplului s\u0103u, care a urcat cu 2,8 puncte, p\u00e2n\u0103 la 10,6x \u00een 2024-25, arat\u0103 aceea\u015fi surs\u0103\u201d, arat\u0103 aceea\u015fi surs\u0103.<\/p>\n \nE vorba de multiplul median EV\/ EBITDA. Acesta a fost de 7,8x \u00een 2023-2024 \u015fi de 6,2x \u00een 2022-2023. Toate sunt peste nivelul comunicat de Carrefour pentru businessul din Rom\u00e2nia.<\/p>\n \nCe spune Carrefour?<\/strong><\/p>\n \nA\u015fadar, v\u00e2nzarea businessului local ar urma s\u0103 se fac\u0103 la un multiplu de peste dou\u0103 ori mai mic dec\u00e2t cel din median din Europa. De ce?<\/p>\n \n\u201eAm decis s\u0103 ne concentr\u0103m aten\u0163ia pe \u0163rile strategice, pe cele importante, iar Rom\u00e2nia era o pia\u0163 mic\u0103, reprezent\u00e2nd 3,5% din v\u00e2nz\u0103rile grupului\u201d, au spus oficialii Carrefour.<\/p>\n \nFrancezii au decis s\u0103 v\u00e2nd\u0103 businessul din Rom\u00e2nia de\u015fi acesta e \u00een continuare cu pe plus \u2013 1,5% \u00een 2025, peste Belgia (0,8%) \u015fi Polonia (-1,7%). Totu\u015fi, \u00een Rom\u00e2nia infla\u0163ia a fost de aproape 10%, a\u015fa c\u0103 de fapt \u00een volume a existat o sc\u0103dere puternic\u0103.<\/p>\n \n\u201e\u00cen Rom\u00e2nia, volumele de v\u00e2nz\u0103ri au sc\u0103zut pe fondul m\u0103surilor de austeritate anun\u0163ate de guvern, care au afectat puterea de cump\u0103rare \u015fi \u00eencrederea consumatorilor, \u00een timp ce pia\u0163a din Polonia a r\u0103mas dificil\u0103 \u015fi competitiv\u0103, \u015fi aici v\u00e2nz\u0103rile \u00een volume fiind sub presiune.\u201d<\/p>\n \nCarrefour, unul dintre cei mai mari retaileri din lume, cu afaceri anuale de peste 85 mld. euro, are prezen\u0163\u0103 \u00een 40 de \u0163ri, \u00eens opera\u0163iuni directe doar \u00een \u015fapte \u2013 Fran\u0163a, Spania, Belgia, Polania, Rom\u00e2nia, Brazilia \u015fi Argentina.<\/p>\n","protected":false},"excerpt":{"rendered":" Grupul francez Carrefour, care a anun\u0163at recent \u00een mod oficial c\u0103 vrea s\u0103 v\u00e2nd\u0103 opera\u0163iunile din Rom\u00e2nia, purt\u00e2nd negocieri exclusive cu familia Pav\u0103l, a mai spus c\u0103 \u201ea primit o ofert\u0103 atractiv\u0103\u201d pentru businessul local. Ce \u00eenseamn\u0103 asta? \u201eAm primit o ofert\u0103 atractiv\u0103, echivalentul a 30% din v\u00e2nz\u0103ri, 4,8x EBITDA \u015fi 28,4x ROI\u201d, au declarat […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[419,98],"class_list":["post-245646","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-carrefour","tag-romania"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/245646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=245646"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/245646\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=245646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=245646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=245646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}