B&M零售：新CEO任命初步观点

UK | General RetailersB&M Retail First View: New CEO Announced Conclusion News.B&M has announced the appointment of Tjeerd Jegen as its newCEO; he will take over from interim CEO Mike Schmidt on 16th June2025. The RNS notes that Mr Jegen brings broad international retailexperience having worked in leadership roles at Ahold Delhaize, Metro,Tesco, Woolworths, HEMA and Takko Fashion over 25 years. Chair TiffanyHall states that he stood out due to his'strategic insight, customer-centricapproach, and strong track record of driving growth and transformation'. Views.An interesting track record, with his last long-term role (6yrs as CEOof Dutch value retailer HEMA) having concluded in 2021, and a series ofrelatively short roles in food retail before that (4yrs Woolworths, 2yrs Tesco,2yrs Metro). Still, Mr Jegen clearly has a broad-ranging and relevant CV andwe look forward to hearing his diagnosis of the challenges B&M has facedover the last year. Andrew Wade * | Equity Analyst44 (0) 20 7029 8012 | awade@jefferies.comGrace Gilberg * | Equity Analyst+44 (0)20 7029 8356 | ggilberg@jefferies.com Company Description B&M Retail B&M Retail is one of the leading retailers operating throughout the UK in the growing discount sector. The retailer sells a variety of goods, bothfood and non-food, including homewares, DIY, and confectionery. The retailer operates under B&M Bargains and B&M Home Store, with B&MBargains being primarily a high-street-based format and B&M Home being a larger out-of-town store that offers a wider product range, includingfurniture, soft furnishings, and DIY ranges. B&M also has operations in France, a business acquired in October 2018. Company Valuation/Risks B&M Retail Valuation: We set our PT at 9x FY26e PE, equivalent to 305p. The reduction from our previous PT (350p) reflects the cut in FY26e profitexpectations and a lower multiple (9x vs. 10x) given the negative LFL, downgrade momentum and risk of a reset under new management. Risks: A reversal of trading down trends from the UK consumer, more muted LFL growth given the annualisation of key initiatives, a reversionof EBITDA margin back towards historical levels, execution risk on potential M&A. Analyst Certification: I, Andrew Wade, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Grace Gilberg, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. Registration of non-US analysts:Andrew Wade is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. Registration of non-US analysts:Grace Gilberg is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedMay 15, 2025 , 02:44 ET.Recommendation DistributedMay 15, 2025 , 02:44 ET. Company Specific Disclosures Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of B&M European Value Retail SA. Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period. Hold - Describes securities that we expect to provide a total return (price appreciation