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22	member 10/16/23 3:10PM Re: Re: Exito getting an offer 21
The offer is low, only 6% more than what Gilinski offered (which was rejected as too low). Right now, Exito is trading at a ~7% spread to the offer (I bought some more this morning). I... login to read the rest 1 view available tags
20	member 10/16/23 10:14AM Exito getting an offer
Grupo Calleja to acquire Casino's Exito stake, and then make a bid for the remaining shares. This implies a price of $7.24 for the ADR or COP 3,840 per share. 2 view available tags
19	member 8/24/23 5:35PM Re: Update 18
For anyone following the story, just prior to the spin, Gilinski made two low-ball offers for Exito, which were both rejected for being too low. The last offer imputed a valuation for Exito of $1,150m... login to read the rest 3 view available tags
18	member 8/24/23 11:53AM Update
Any thoughts on where the pieces are trading here? I was expecting more volatility.Still looks like about 50% upside on both pieces with perhaps a bit more (with less risk) with Exito.I haven't seen anything 2 view available tags
17	member 7/04/23 12:13PM Update on the spin
CBD/GPA issued an update last night regarding the spin. They have filed Exito's 20-F and are now targeting an effective spin date by mid-Q3 (August 15ish), a bit of a delay, but they continue to view available tags
16	member 6/29/23 7:31PM Re: Gilinski making a move 15
The low-ball offer was just rejected by the board of GPA: view available tags
15	member 6/28/23 10:42PM Gilinski making a move
Gilinski making a low-ball bid to acquire 96.5% of CBD/GPA's Exito shares for $836m USD (implying a per-share value of COP ~2,773, below the current trading price of COP ~4,200). Will be interesting to see 2 view available tags
14	member 6/12/23 11:40AM Couple of questions
Great write up and very interesting! Just have two quick questions in the sum of the parts of the remaining value. I see that you have about $250mm of asset sales, as of 1Q23 they... login to read the rest view available tags
13	member 4/26/23 11:32AM Re: Re: Re: GPA Tax and legal contingencies 12
Of course. Yes, I had a similar read: they have the 2.7b provisioned amount but they also have roughly 4.0b in recoverable taxes. They have talked about selling some of these in the latest earnings... login to read the rest view available tags
12	member 4/26/23 8:58AM Re: Re: GPA Tax and legal contingencies 11
Thanks for the color, appreciate it. Regarding the provisioned amount of 2.7bn BRL, are you including it on the EV? On the other hand they have a number of tax credits - I haven’t understood... login to read the rest view available tags
11	member 4/25/23 4:48PM Re: GPA Tax and legal contingencies 10
Hi Pmgs24, Thanks for the question. I talked to IR about the ~12b reais figure that CBD has not provisioned for. Mainly, this dates back to tax disputes that have been ongoing for over a decade and... login to read the rest 1 view available tags
10	member 4/23/23 1:00PM GPA Tax and legal contingencies
GPA seems to have a lot of legal and tax liabilities as per the latest annual report - around 2.7bn R$ recognized on the B/S and 12bn R$ in total related to ongoing proceedings per... login to read the rest 2 view available tags
9	member 4/20/23 1:21PM Re: spin delay/could market be anticipating lower Exito Ebitda than you? 6
Thanks for the comments. I would not put too much weight on precise wording here, as I've seen different verbiage from the GPA and the Exito teams. As far as I can tell, the spin-off is... login to read the rest view available tags
8	member 4/20/23 1:07PM Re: some questions 2
Getting back to you with some commentary on recent trends. Here are some thoughts: Exito For Exito, I will focus on the Colombia segment, as this is the main driver of results; Uruguay continues to do quite... login to read the rest view available tags
7	member 4/20/23 10:27AM Re: minority interest 5
Hi mahagany, Thanks for the kind words. I did factor in the NCI interests for Exito (I am netting out the % not owned from EBIT). Below is how I'm thinking about valuing Exito and my estimates.... login to read the rest 2 view available tags
6	member 4/20/23 9:54AM spin delay/could market be anticipating lower Exito Ebitda than you?
Does the shift in the language in the recent press release to "second trimester" from "first semester" suggest something of a delay? Do you have a sense of what the remaining steps are for the... login to read the rest view available tags
5	member 4/19/23 11:30PM minority interest
hi clarksquarecap, thanks for the interesting idea. Not sure if I'm misunderstanding the situation. there seems to be a meaningful EBIT contribution that goes to non controlling interests (NCI) for Exito. The 2 most profitable segments (Disco del... login to read the rest view available tags
4	member 4/17/23 4:37PM Re: some questions 2
Otto - thank you for the questions. I will reply to the questions I can now and come back in a day or two with more on recent trends. 1. If you own the US ADR, you... login to read the rest view available tags
3	member 4/17/23 4:01PM Re: interesting 1
Hi all – this is my first write-up on here (I was just admitted last Friday) and want to say how excited and grateful I am to join the community. I look forward to sharing... login to read the rest 5 view available tags
2	member 4/17/23 9:41AM some questions
A few questions: 1. If you own the CBD ADR, will the 4 Exito shares come in the form of a new ADR as well or will you get shares that can only be traded in... login to read the rest 3 view available tags

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			2013	2014
Price:	62.81	EPS	$2.41	$2.63
Shares Out. (in M):	161	P/E	25.4x	23.8x
Market Cap (in $M):	10,099	P/FCF	91.0x	na
Net Debt (in $M):	2,500	EBIT	575	621
TEV (in $M):	12,250	TEV/EBIT	21.0x	20.0x
Borrow Cost:	NA

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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