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    ASAI3   BRASAIACNOR0

SENDAS DISTRIBUIDORA S.A.

(ASAI3)
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Exclusive-Casino's GPA considers spinning off Colombia's Exito -sources

06/14/2021 | 09:46am EST
FILE PHOTO: General view of an Assai store, cash-and-carry division of Brazilian retailer GPA SA, in Sao Paulo

SAO PAULO (Reuters) - Brazilian food retailer GPA SA is considering a spin off of its Colombian Almacenes Exito SA unit to GPA's shareholders including parent company Casino Guichard Perrachon, two sources with knowledge of the matter said.

Such a transaction, similar to GPA's recent spin off of its Brazilian wholesale unit Assai, would fit with part of broader efforts by France's Casino to simplify its structure in Latin America, potentially unlocking more value from its holdings there.

GPA owns almost 97% of Exito, which is listed in Colombia, with a market capitalization of $1.5 billion, leaving it the company, which employs around 35,000 people in 515 supermarkets across the country, with an extremely small free float. The company also operates in Uruguay and Argentina.

GPA, listed on Brazilian stock exchange B3, has a market value of $2.13 billion, suggesting either that the Brazilian parent is worth a fraction of the Colombian unit or that investors are failing to price in the value of its Exito holding.

The spinoff of wholesale unit Assai from GPA, last March, resulted in an immediate rise of 10% of the companies' combined market capitalization. Assai is currently worth more than double GPA's market cap.

GPA considers the ideal alternative would be to list Exito in Sao Paulo and give Exito shares to its shareholders base. But that is not possible, since B3 does not allow listing of foreign companies. GPA and Casino are considering if the best alternative would be to maintain its listing in Colombia only and issue Brazilian Depositary Receipts (BDR) to Brazil-based GPA shareholders, or to list it in another venue, the sources said.

One of the sources mentioned the possibility of listing Exito in the U.S. and issuing receipts for negotiation in Colombia and Brazil.

Asked by Reuters, GPA said "it is not discussing the issue and continues committed to long term investment in Colombia."

One of the sources added that GPA and Casino are being cautious in the discussions and announcements to avoid alienating minority shareholders in both Latin American companies.

The transaction needs to be done in a way that leaves Colombian and Brazilian investors comfortable with the solution, the source added.

(Reporting by Tatiana Bautzer; Editing by Christian Plumb and Nick Zieminski)

By Tatiana Bautzer


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALMACENES ÉXITO S.A. -0.44% 11350 End-of-day quote.-18.29%
CASINO, GUICHARD-PERRACHON 6.12% 21.15 Real-time Quote.-20.90%
COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 1.26% 22.5 End-of-day quote.-70.02%
EURO / ARGENTINE PESO (EUR/ARS) -0.01% 114.2781 Delayed Quote.11.14%
EURO / BRAZILIAN REAL (EUR/BRL) 0.50% 6.4209 Delayed Quote.0.68%
SENDAS DISTRIBUIDORA S.A. 6.83% 13.3 End-of-day quote.0.00%
THE NASDAQ COLOMBIA INDEXED MARKET 0.09% 382.723098 Real-time Quote.-15.22%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.23% 101.28 Delayed Quote.20.00%
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Financials
Sales 2021 42 781 M 7 517 M 7 517 M
Net income 2021 1 240 M 218 M 218 M
Net Debt 2021 8 042 M 1 413 M 1 413 M
P/E ratio 2021 13,7x
Yield 2021 1,41%
Capitalization 17 908 M 3 149 M 3 147 M
EV / Sales 2021 0,61x
EV / Sales 2022 0,51x
Nbr of Employees 50 000
Free-Float 59,0%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 12
Last Close Price 13,30 BRL
Average target price 22,22 BRL
Spread / Average Target 67,0%
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Managers and Directors
Belmiro de Figueiredo Gomes Chief Executive Officer
Daniela Sabbag Papa Director-Administration, Finance & IR
Jean-Charles Henri Naouri Chairman
Anderson Barres Castilho Operations Director
Luiz Nelson Guedes de Carvalho Independent Director
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