Aurelius sells the Contract business unit in Spain, part of Office Depot Europe, to Lyreco. The French have a strategic interest in the asset. Aurelius does not provide financial details.
By selling the unit, management can focus more on the core business of Office Depot Europe. In the meantime, three parts of Office Depot have already been sold. Aurelius took over the company in early 2017.
Financial details of the transaction are not disclosed. However, Baader’s analysts tend to assume a smaller size. You therefore do not have to make any changes to your forecasts.
As before, the experts issued a buy recommendation for Aurelius shares. The target price remains at EUR 23.30.
On August 13, Aurelius will publish figures for the first half of the year. That should give a little more clarity about how resilient Aurelius’ portfolio is in these times of crisis. Above all, the operating result and free cash flow in the second quarter could provide information about this.
Aurelius shares today lose 2.3 percent to EUR 13.27.