Italy's Esselunga hires Zaoui to weigh up stock market listing -source
(Adds another source, analyst on possible valuation)
MILAN, Oct 11 (Reuters) - Italian supermarket chain
Esselunga has hired London-based advisory firm Zaoui & Co to
assess options including a possible stock market listing, two
sources familiar with the matter said on Thursday.
The sources were confirming a report in Italian daily Il
Messaggero, which said Zaoui would soon contact banks including
Intesa Sanpaolo, UniCredit, Credit Suisse, Mediobanca and
Goldman Sachs over Esselunga's plans.
The group could go public next year, the newspaper said,
adding that it could be valued at more than 7 billion euros
($8.11 billion), without clarify whether this figure included
It was not possible to reach Esselunga and Zaoui for
Esselunga, founded by late entrepreneur Bernardo Caprotti,
is 70 percent owned by Caprotti's second wife Giuliana Albera
and their daughter Marina.
The rest of the company is owned by Caprotti's two children
from his first marriage, Giuseppe and Violetta, who have been
locked in a legal dispute with the rest of the family over their
In June last year both sides of the family reached a deal to
merge the supermarket chain with Villata Partecipazioni, the
business that owns its real estate assets.
The supermarket chain recorded revenue of 7.75 billion euros
($9 billion), an adjusted core profit of 648 million euros and
net financial debt of 848 million euros last year.
Current valuations for Esselunga's strongest rivals in
Europe see an enterprise value between 10.1 times their expected
core profit for 2018 or at 9.4 times core profit expected in
2019, a sector analyst said.
He added that the average valuations for the rest of food
retailers in Europe were based on multiples of 6.3 times
expected core profit in 2018 and 6.1 times 2019 core profits.
Based on these multiples and Esselunga's results in 2017,
the firm could have a market value of between 3.11 billion and
5.7 billion euros.
($1 = 0.8642 euros)
($1 = 0.8636 euros)
(Reporting by Claudia Cristoferi and Elisa Anzolin; Writing by
Valentina Za and Francesca; editing by Mark Bendeich and Elaine
First Published: 2018-10-11 08:57:33
Updated 2018-10-11 19:23:22
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