15225 replies to this topic

[DayTraderDad]

I am not worried reason is Creditor, CW, GT, Du Toit and VEB and others all agree so only the last diehards like Hamilton (not even 20%) trying to get protection from losses when buying shares in open market. They will fold one by one when they come to the realization the only ones that will make money out of their effort will be the Irish legal company that will take money fist then give the crumbles to shareholders. Good luck to them. As for Naido he was a director and chairman he had all the opportunity and duty to ensure the business were clean!!!!

[LarryK]

This share is driving me crazy.
Waiting for a reasonable re-entry point!

[Tiekkie]

sommerso, on 22 Feb 2021 - 04:57 AM, said:

Looking at previous POI on the timeline.... with results coming on Friday we'll probably see the price climb until then and start dropping next week again. Again own DD and this is only a vent and a rant and feeling... itchy balls and all.

I'm starting go all conspiracy theorist on this and that the articles are fed from institutions ...aka...anonymous sources close to the matter... Even though there is nothing positive in the media about this one the company is turning around even though the SP isn't where we want it at this moment, as a previous poster said, it has been steadily growing for the past 5 months. There are volatile retraces, but we are still up 200%

my worry is the question of a rights issue, of there is a settlement. That will also destroy value for current shareholders

[Squideye]

Some of the ZA claimants @ https://docdro.id/JmjdLh6

[LarryK]

Thank you very much for the post KP

KP7, on 19 Feb 2021 - 4:08 PM, said:

I guess you would want 155 to be taken out so you can get long again. This cannot be ruled out and would mean we are correcting the entire cycle from October low to February high. That certainly would be a gift in my opinion.

Personally I would like to see it keep making higher highs and higher lows, chewing away at supply to 3.80, spend the next few months pulling back from there and then line up with the fundamentals during June, July to have another crack higher.

I know many want to see this rally as swiftly as it crashed, however, there is a major difference between fear/panic and hope/expectation. There’s an old analogy.....The market sells first and ask questions later.

Also important to note that it’s been almost 5 months trending higher - the longest period of gains since the 2017 crash. Someone here mentioned "organic" and it certainly is very structured. If you a Bull, you should be quietly confident even though it isn’t time to open that expensive whiskey, at least we can have green beer

[sommerso]

Tiekkie, on 22 Feb 2021 - 04:00 AM, said:

https://www.moneyweb...-under-fire/and the news machine is at it again. Nothing positive to write

 

 

Looking at previous POI on the timeline.... with results coming on Friday we'll probably see the price climb until then and start dropping next week again. Again own DD and this is only a vent and a rant and feeling... itchy balls and all. 

 

I'm starting go all conspiracy theorist on this and that the articles are fed from institutions ...aka...anonymous sources close to the matter... Even though there is nothing positive in the media about this one the company is turning around even though the SP isn't where we want it at this moment, as a previous poster said, it has been steadily growing for the past 5 months. There are volatile retraces, but we are still up 200% 

[Tiekkie]

https://www.moneyweb...-under-fire/and the news machine is at it again. Nothing positive to write

[Squideye]

Until 30.06. Look at the operational side.

 

While Steinhoff International Holdings NV has taken the decisive step towards the final decision on the acceptance of the settlement proposal for the "victims of the accounting fraud", which has been on the table for months, by opening two protective shield proceedings. Until the scheduled creditors' meeting on 30 June 2021 in Amsterdam and a meeting in South Africa, which will probably also take place by then, the focus can be on the operational development of Steinhoff Holding's holdings:

 

And in view of the extreme effects of the lock-downs in spring 2020, one can speak of a very "appealing result". The Pepco Group, often described as the jewel in the crown of the Steinhoff Group - operating under the brands PEPCO, Dealz and Poundland - filed its balance sheets with the English Companies House (comparable to the German Commercial Register).

 

Highlights of the financial year - operational

Despite a slowdown in expansion due to Corona, the company operated 327 more shops at the end of the year than at the end of the previous year - exactly 3,021 shops in 15 countries. And the first shop openings in Italy and Serbia marked two new "countries" on the PEPCO map.

 

43 new Poundland&Dealz shops were added in Poland and Spain. In order to be able to offer ready meals and frozen foods in the UK in the future, "Fultons Frozen Foods" was acquired in full in October. As part of a modernisation campaign, 136 stores have already been renovated and converted in 2020. Another 700 stores are to follow in 2021. Preparations were made for further business expansion into Spain.

 

Highlights of the financial year - key figures

Despite lockdown losses, sales increased by 3% to EUR 3.5 billion in the financial year. Which found a further acceleration in the first quarter of the new financial year - "Steinhoff share: European subsidiary Pepco still on growth track despite Corona - good Christmas quarter" of 27.01.2021. And EBITDA fell "only" to EUR 229m (previous year: EUR 331m) - mainly due to the forced shop closures from April to June 2020. Cash flow was positive at EUR 405m and liabilities were reduced to EUR 328m (previous year: EUR 461m).

 

Outlook

Even though Covid-19-related restrictions will cost sales and profits in the short term, the company is sticking to 400 planned shop openings in the current financial year. And PEPCO Group CEO Andy Bond remarked when presenting the financial statements:

 

"We again made good progress in the last year delivering the convenience and market leading value that our customers are seeking and advancing our pan-European growth strategy, despite a turbulent trading environment. Our robust profit and cash performance clearly demonstrates the strength of each of our retail brands and customer offers together with our resilience to short-term disruption.  

 

With a strengthened proposition and more customers than ever across Europe being attracted to the discount sector we believe that our future growth opportunity is now greater than a year ago. We now view our addressable market as being the entirety of Europe and having entered Italy and Serbia - our first Western European market and non-EU country respectively - we will also launch PEPCO in Spain in later in 2021, having identified a significant opportunity there after extensive due diligence."

And on the existing constraints due to the pandemic measures, he explained: "We anticipate that the consumer backdrop will remain challenging in the short-term. However, with our strong financial base and established growth strategy within a structurally advantaged discount retail segment, we remain confident about our long-term prospects for continued growth across Europe."

 

Covid-19 impact - which had a significant impact on the annual result, but also slowed down development

Since 15/03/2020, sales restrictions were faced in Spain, from 23/03/2020 in the UK and from 27/03/2020 in Ireland. In particular, PEPCO stores, which do not sell essential goods, were the main sufferers. Only 856 (44%) of the 1,930 shops were open. There were closures in seven countries, including the Czech Republic, Slovakia and Romania. In Poland, only shops outside shopping centres were allowed to open and in Hungary, opening hours were limited to 09:00 in the morning until 15:00. This resulted in a 15% loss of sales in addition to lower customer numbers due to "social distancing".

 

Poundland

Poundland fared somewhat better during this phase, as it is considered a provider of everyday products. In addition to 130 shops voluntarily closed in March (mainly in shopping centres with no footfall), the remaining 700 shops had to "cope" with reduced footfall due to their inner-city locations in shopping streets with a total of 60% of the planned turnover. - But this was only for a 4-week period.

 

Figures before, during and after Lockdown

And this is a significant difference - double digit growth in turnover and EBITDA turned into a small increase in turnover and a decrease in EBITDA.

 

BEFORE Corona

By the end of February, the "usual" 14.4% growth in turnover had been achieved - of which 5% came from existing stores and the rest from new openings. And in the process, an EBITDA increase of around 18% was achieved despite strong expansion - figures that fit a growth pearl.

 

With Corona

In the year as a whole it was still enough for 3% growth to EUR 3.5 billion in sales. While "new openings" generated 12% growth, sales of existing shops declined by 5.2% - lockdown-related.

 

With an EBITDA of EUR 229 million and a pre-tax profit of EUR 84 million, the lockdown phase was survived without losses. But with an overall reduced margin of 6.5 % (3.2 % less than in the previous year). WITHOUT the influence of the lockdown, EBITDA growth of 18% would have been achieved, using the 5 months before the lockdown as a benchmark.

 

Investments remain at a high level

Around 400 new shops are to be opened across the group in the current business year, more than 1,000 business locations are to be "freshened up" at a cost of millions, new logistics centres are to be built, heavy investments are to be made in the new Oracle EDP system for the entire group of companies. New markets are to be "conquered": Spain, Italy and Serbia as keywords. Further expansion of the product range is planned.

 

Positive votes of the two creditors' meetings would give Steinhoff a chance

The initiation of the two protective shield proceedings is counting on an early clarification of the hanging matter of the "composition proposal". And in South Africa the final decision should have been made from 20.06.2021 until "early July". so possibly even before 30.06.2021, which is the "day of decision/creditors' meeting" in the Netherlands. But one should not forget:

 

Even in the event of positive votes in South Africa and the Netherlands at the creditors' meetings, the Steinhoff Group would be extremely indebted with hardly bearable interest charges, which, however, would have to be reduced again to tolerable levels in percentage terms after a settlement. But without a settlement useless speculation. And so the management is condemned to success in the settlement negotiations in order to achieve at least some chance of survival for the group.

 

Steinhoff could soon become "normal

with high-growth subsidiaries that have come through the Corona crisis as retail groups better than the competition. And one would no longer be a group facing claims for damages that far exceed all its assets. Furthermore, with claims that were very promising in court, but would most likely have forced the group into insolvency. And in the case of insolvency, the claims would probably only have been serviced to a fraction. Too many lenders would have had access to the assets beforehand. Which also explains the willingness of the claimants to pay damages.

 

It is clear to all: without a settlement, Steinhoff is guaranteed to have no future,

With a settlement - as it now stands - Steinhoff could "just about get its act together". The debt burden is immense and is currently being paid far too dearly. But the high interest on borrowed capital is also due to the existential risk of threatened shareholder and lender lawsuits. If these are eliminated by the settlement, the interest burden should also be substantially reduced.

 

After the largest creditor by far - Christo Weise - and the representation of interests of the European Steinhoff shareholders agreed in principle to the settlement months ago, only one formal step is missing for the conclusion and final release of debt capital: at the end of January, specifically on 26 and 27 January via video hearing, the corresponding "blessing" of the result in a hearing - "scheme sanction hearing" by the High Court. ALL other steps with the stakeholders of the settlement will be carried out in parallel.

 

So everything now "only" hangs on the victims of the accounting fraud.

There are indeed some interesting investments with high growth rates and ambitions in the operational area of the "healthily shrunken" group. Albeit slowed down by Corona. And Pepkor South Africa, for example, is a listed trading group that has been strengthened in the crisis, is growing organically and has been able to continuously increase its market share. Mattres Inc. has also been freed from various burdens of the past by the Chapter 11 proceedings and is starting to run smoothly again - here, too, of course, Corona-related restrictions.

 

The Australian traders have also shed "ballast" and a lot of low-margin sales and are now more focused and healthy. The same applies to the various disposals of non-Hnadles activities, such as the British furniture manufacturers, South African car dealers and garages. And without the loss-making Conforama France/Switzerland, which could be got rid of at a symbolic price, healthy Conforama dealers remain in the group. We don't need to say much more about the growth pearl Pepco - although the multi-billion (partial) IPO has not yet been realised. But what is not yet, may yet become.

 

https://www.nebenwer...2020-liegt-vor/

 

Translated with www.DeepL.com/Translator (free version)

 

 

[Squideye]

Steinhoff International Holdings N.V.: Preliminary announcement on the publication of financial reports according to § 114, 115, 117 WpHG Steinhoff International Holdings N.V. / Preliminary announcement on the publication of financial reports 19.02.2021 / 17:45

Preliminary announcement on the publication of financial reports according to § 114, 115, 117 WpHG transmitted by DGAP - a service of EQS Group AG.

The issuer / publisher is responsible for the content of this announcement.

Steinhoff International Holdings N.V. hereby announces that the following financial reports for the financial year 2019/2020 will be published:

 

Report type: Annual financial report

 

Language: English

Date of publication: 26.02.2021

Location: https://www.steinhof...l.com/index.php

 

Report type: Group Annual Financial Report

 

Language: English

Publication date: 26.02.2021

Location: https://www.steinhof...l.com/index.php

 

https://www.dgap.de/...?newsID=1423870

 

Translated with www.DeepL.com/Translator (free version)

[KP7]

KP7, on 19 Feb 2021 - 4:08 PM, said:

I guess you would want 155 to be taken out so you can get long again. This cannot be ruled out and would mean we are correcting the entire cycle from October low to February high. That certainly would be a gift in my opinion.

 

Personally I would like to see it keep making higher highs and higher lows, chewing away at supply to 3.80, spend the next few months pulling back from there and then line up with the fundamentals during June, July to have another crack higher.

 

I know many want to see this rally as swiftly as it crashed, however, there is a major difference between fear/panic and hope/expectation. There’s an old analogy.....The market sells first and ask questions later.

 

Also important to note that it’s been almost 5 months trending higher - the longest period of gains since the 2017 crash. Someone here mentioned "organic" and it certainly is very structured. If you a Bull, you should be quietly confident even though it isn’t time to open that expensive whiskey, at least we can have green beer

Meant "adage" 

[KP7]

LarryK, on 18 Feb 2021 - 11:37 PM, said:

Thank you for sharing KP.

KP do you have any advice on entry point?
I sold most of my shares last week, waiting to get back in to hold.

 

I guess you would want 155 to be taken out so you can get long again. This cannot be ruled out and would mean we are correcting the entire cycle from October low to February high. That certainly would be a gift in my opinion.

 

Personally I would like to see it keep making higher highs and higher lows, chewing away at supply to 3.80, spend the next few months pulling back from there and then line up with the fundamentals during June, July to have another crack higher.

 

I know many want to see this rally as swiftly as it crashed, however, there is a major difference between fear/panic and hope/expectation. There’s an old analogy.....The market sells first and ask questions later.

 

Also important to note that it’s been almost 5 months trending higher - the longest period of gains since the 2017 crash. Someone here mentioned "organic" and it certainly is very structured. If you a Bull, you should be quietly confident even though it isn’t time to open that expensive whiskey, at least we can have green beer

[sommerso]

Africa1962, on 19 Feb 2021 - 11:56 AM, said:

At this stage of the game Steinhoff could declare itself the richest company in the world and even that wont move this price forward.....to many other shenanigans going on....

 

 

The only way this share price will move forward is if Elon Musk tweets about it   

[Squideye]

PEPKOR HOLDINGS LIMITED – Changes To Proposed Resolutions For Annual General Meeting Of Shareholders On 10 March 2021 @ https://www.moneyweb...-10-march-2021/

[Squideye]

It seems that the Steinhoff Group as a whole is not doing so badly. Just compare the local market between

 

Pepkor @ https://www.pepkor.c...tember-2020.pdf

 

and todays Massmart (Makro / Game etc) results  @ https://businesstech...-in-lost-sales/

[Africa1962]

DOA123, on 19 Feb 2021 - 11:00 AM, said:

Is it just me or are those some impressive results?

 

And my simple mind seems to think that it would help the SNH share price going on what happend last year around the same time?

 

Then again I could be all wrong..

At this stage of the game Steinhoff could declare itself the richest company in the world and even that wont move this price forward.....to many other shenanigans going on....

[DOA123]

Is it just me or are those some impressive results?

 

And my simple mind seems to think that it would help the SNH share price going on what happend last year around the same time?

 

Then again I could be all wrong..

[Squideye]

Pepco Group – Full Year Results Announcement @ https://www.pepcogro...ts-announcement

[Squideye]

Discounter Pepco has all of Europe in its sights @ https://uk.finance.y...-100257334.html

[Squideye]

Tiekkie, on 18 Feb 2021 - 6:35 PM, said:

I hope one day I will look back at these chats and say I told you traders so....sitting on a island somewhere...lol

The Robben Island Limestone Quarry...???

[Tiekkie]

DayTraderDad, on 18 Feb 2021 - 8:16 PM, said:

All the greedy people I know landed up poor, Hahaha

I've got nothing but time on myside. Hahaha.