Europris ASA

Resultat av emisjonen:

Tegningskurs:            45,00

Sluttkurs første dag:  43,00

Avkastning første dag: -4,44%

Oppdatering 09.06.2015: Emisjonen i Europris er allerede etter en dag overtegnet. Det er en positiv indikasjon og det blir spennende å se hvor i kursintervallet de havner.

Europris ASA skal på børs ved hjelp av ABG Sundal Collier, Goldman Sachs International, Bank of America Merrill Lynch og SEB. Norsk billigkjede med 223 butikker. Retail i Norge er populært og Europris har de siste årene vært eid av Nordic Capital Fund Vll. Det gjør at denne børsnoteringen minner litt om XXL som også var en retailkjede eid av et private equity selskap da det skulle børsnoteres. Konkurransen i markedet er tøff og økende med aktører som Rusta, Nille, Jula, Biltema, og Clas Ohlson mm. på noe av sortimentet og de store dagligvarekjedene på andre deler av sortimentet. Selskapet tjener penger og ser ut til å ha funnet en nisje som fungerer.

Tegningsperiode: 08.06.2015 til 18.06.2015 kl.12:00.
Kursintervall: 43 til 53 kr.
Ingen retail rabatt (ansatte får 1.500 kr).
Minste tegning: 10.500 kr

Om businessen:
Europris is Norway’s largest discount variety retailer by sales. The Company offers a broad assortment of quality own brand and brand name merchandise across twelve product categories: Home & Kitchen; Groceries; House & Garden; Travel, Leisure & Sport; Electronics; Personal Care; Clothes & Shoes; Handyman; Hobby & Office; Candy & Chocolate; Laundry & Cleaning; and Pets. The Company delivers a unique value proposition for shoppers by offering a broad assortment of quality merchandise at low prices in destination stores across Norway.

The Company’s merchandise is sold through the Europris Chain, which consists of a network of 223 stores throughout Norway, 159 of which are directly owned by the Company and 64 of which operate as franchise stores. The stores are designed to facilitate a consistent, easy and efficient shopping experience with a defined layout and “store-in-store” concept. The Company centrally manages the Chain’s assortment of merchandise, which results in a consistent range of merchandise from each product category in both directly owned and franchise stores. While the Company’s business model includes franchise stores, the Company also takes over franchise stores in a variety of instances, such as at the request or retirement of a franchisee, in circumstances where a franchisee develops health issues or when a franchisee is unwilling to make necessary upgrades or relocations. The Company has taken over more than 40 franchise stores during the period from 1 January 2010 through 31 March 2015.

Europris employs a low cost operating model with a focus on efficiency across the entire value chain from factory to customer. Europris aims to maintain a low cost base through optimised and efficient sourcing, logistics and distribution processes. The Company’s experienced procurement team purchases large volumes of goods that are principally sourced directly from suppliers in low cost countries in Europe and Asia. Sourcing is central to the Company’s value proposition, and in 2013 the Company established a dedicated sourcing office in Shanghai, China, which is structured as a joint venture with Tokmanni Group Oy, one of the largest discount variety retail chains in Finland.

Europris manages inventory in central and overflow warehouses and storage facilities located in Fredrikstad, Norway. The majority of the Company’s inventory is processed through the Company’s central warehouse, which utilises proven inventory and information management systems to monitor inventory levels and storage capacity and process product orders. The Company distributes and delivers products to the stores in the Chain, which offers merchandise to the market using the Europris brand, consistent store concept and centrally managed assortment of merchandise.

The Company and its Management team have a track record of success, and the Company has shown continuous and consistent growth since its founding. The Company’s growth is driven by:

(i) Category management and other initiatives supporting like-for-like growth, including the Company’s own brand and leading brand offering, optimised marketing strategy and extensive store upgrade programme. The Chain’s life-for-like growth has consistently outperformed the market with an average annual like-for-like growth of 4.8% for the period from 2010 through 2014, which is 2.2 times the market growth rate, based on Kvarud Analyse’s yearly assessment of like-for-like growth for a broad range of shopping centres in Norway during the period.

(ii) Focused store rollout programme: since 2010, the Chain has increased from 189 stores to the current 223 stores, and the Company has added more than 30 new directly owned stores to the Chain, including nine new directly owned stores in 2014 and three new directly owned stores in the first quarter of 2015. The Company is committed to its consistent store rollout programme in Norway.

In 2014, the stores in the Chain processed more than 26 million customer transactions across Norway. For the year ended 31 December 2014, the Company generated total operating revenue of NOK 4.3 billion, with an Adjusted EBITDA of NOK 551 million and an Adjusted EBITDA margin of 12.9%.


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Selskapets prospekt. 
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