DTD, from your calcs, what happens when you add some of this back in.
Personally, I think(and they have proven) the SNH management(LdP and TdK) is well ahead of everyone in the room/s....still overpaid, at least they getting shares now instead of more EUR millions.
It is a interesting article but there are a few things that not sure he understands:
1 - Substantial improvement in equity position by more than Eur 1 bil - He should note that the reason was SNH sold 21,1 % of Pepco
2 - As of 30.09.2021 cash and cash equivalent exceeds current payment obligations - It might be the case for the business units but not at corporate level. Not to forget the Eur 1 bil in interest per year!!!
3 - Continuation intention for Steinhoff Group allows reduction of debts through operating income - He fails to differentiate between the business units and corporate debt. The operating income cannot reduce corporate debt only sales of shares or dividends!!
4 - Where are the "treasures" of Steinhoff shares? - Lots of words but no proper calculation because MF equity now is only $77 mil hit has a big debt created by shareholders and in a rising interest rate world not be inducive to very high valuation of the IPO. I dont think SNH will even try the IPO at present!! TdK words IPO only if condition are good!!
5 - Steinhoff shares could soon stand for a "normal" retail group - That cannot happen because they need to sell assets to reduce debt. So Pepkor is already by the 50% so they can only sell 28,8% of Pepco to remain with 50,1% holding and that will only give Eur 1,5 bil for me not enough to reduce debt. Again he fails do carry out some simple calculations.
For me its a good story telling article but no calculation value, its again like most posts just words!!!
"Over-indebtedness", "debt structure", "hidden reserves"...
