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1. Company Snapshot

1.a. Company Description

Cnova N.V. operates as an e-commerce company in France and Western Europe.The company offers home appliances, consumer electronics, computers, home furnishings, and leisure and personal goods through its cdiscount.com website.It also operates Cdiscount Voyages, a travel platform; Cdiscount Billetterie, a ticketing platform; Cdiscount Energie for home energy; Cdiscount Mobile for cell phone plans; Cdiscount Advertising, a digital marketing solution; Octopia for turnkey marketplace solutions to retailers and e-merchants; and C-Logistics and C Chez Vous for transportation and logistics services.


The company was founded in 1998 and is headquartered in Amsterdam, the Netherlands.Cnova N.V. is a subsidiary of Casino, Guichard-Perrachon S.A.

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1.b. Last Insights on CNV

Cnova N.V.'s recent 3-month performance was negatively impacted by a decline in like-for-like gross merchandise value (GMV) for most of 2024. Although GMV started to grow in 4Q24, the overall decrease of -5% for the year is a concern. The company's transformation efforts, which began two years ago, are still underway, and a reinvestment plan is in place to improve operational performance. The Enterprise Chamber's approval of the buy-out of minority shareholders by Casino in February 2025 may also be a point of contention for other shareholders. The recent appointment of Marie Even as interim CFO may bring a fresh perspective to the company's financial management.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Cnova N.V.: Press Release 2025 AGM notice

May -12

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CNOVA N.V. First Quarter 2025 Activity

Apr -29

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CNOVA N.V. publishes 2024 annual financial report and Information regarding the delisting

Apr -18

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Cnova N.V.: Information regarding buy-out of minority shareholders, suspension of trading and delisting

Mar -31

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Cnova N.V. appoints new interim CFO

Mar -04

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Cnova NV FY24 Earnings & 4Q24 Activity Press release

Feb -20

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Cnova N.V.: Enterprise Chamber approves buy-out of minority shareholders

Feb -12

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CNOVA N.V. Third quarter 2024 Activity

Oct -17

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.33%)

6. Segments

E-commerce Product

Expected Growth: 10.2%

Cnova N.V.'s e-commerce products are poised for growth driven by increasing online shopping adoption, expansion of digital commerce solutions, and rising demand for online marketplaces.

Marketplace (Commissions)

Expected Growth: 10.2%

Cnova's marketplace commissions are expected to grow driven by increasing adoption of e-commerce, expansion of Cnova's platforms, and rising demand for online shopping, particularly in Europe and Latin America.

Other

Expected Growth: 10.5%

Cnova N.V.'s 'Other' segment, comprising financial services like Cdiscount financing, is poised for growth driven by increasing online lending adoption, expanding e-commerce penetration, and rising demand for digital payment solutions.

CB4X

Expected Growth: 15.4%

The e-commerce platform market is driven by the increasing adoption of online shopping, growing demand for customized online marketplaces, and the need for retailers to efficiently manage their online sales. CB4X's proprietary platform is well-positioned to capitalize on this trend, with its ability to enable retailers to create customized online marketplaces and manage their online sales efficiently.

7. Detailed Products

E-commerce Platform

Cnova N.V. offers a comprehensive e-commerce platform that enables businesses to create and manage their online stores, providing a seamless shopping experience for customers.

Marketplace Services

Cnova N.V. provides a marketplace platform that connects buyers and sellers, offering a wide range of products and services, with features like payment processing, shipping, and customer support.

Digital Marketing Services

Cnova N.V. offers digital marketing services, including search engine optimization, pay-per-click advertising, and social media management, to help businesses increase their online visibility.

Fulfillment and Logistics

Cnova N.V. provides fulfillment and logistics services, including warehousing, shipping, and returns management, to help businesses streamline their supply chain.

Data Analytics and Insights

Cnova N.V. offers data analytics and insights services, providing businesses with actionable insights to optimize their operations, improve customer experience, and increase revenue.

8. Cnova N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Cnova N.V. operates in the e-commerce industry, where substitutes are readily available. However, the company's strong brand presence and customer loyalty mitigate the threat of substitutes.

Bargaining Power Of Customers

Cnova N.V. operates in a highly competitive market, where customers have many options. The company's customers have significant bargaining power, which can lead to price sensitivity and high expectations.

Bargaining Power Of Suppliers

Cnova N.V. has a diversified supplier base, which reduces the bargaining power of individual suppliers. The company's scale and negotiating power also help to mitigate supplier power.

Threat Of New Entrants

While there are barriers to entry in the e-commerce industry, new entrants can still disrupt the market. Cnova N.V. needs to continuously innovate and improve its offerings to stay competitive.

Intensity Of Rivalry

The e-commerce industry is highly competitive, with many players vying for market share. Cnova N.V. faces intense rivalry from established players and new entrants, which can lead to pricing pressure and high marketing expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1105.95%
Debt Cost 3.95%
Equity Weight -1005.95%
Equity Cost 8.29%
WACC -39.74%
Leverage -109.94%

11. Quality Control: Cnova N.V. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
About You

A-Score: 4.7/10

Value: 6.5

Growth: 6.3

Quality: 2.7

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Fastned

A-Score: 3.4/10

Value: 4.8

Growth: 5.2

Quality: 2.2

Yield: 0.0

Momentum: 5.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
ASOS

A-Score: 3.0/10

Value: 9.6

Growth: 2.2

Quality: 2.8

Yield: 0.0

Momentum: 1.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
THG

A-Score: 2.7/10

Value: 8.1

Growth: 2.2

Quality: 2.9

Yield: 0.0

Momentum: 2.5

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Boohoo

A-Score: 2.7/10

Value: 6.5

Growth: 1.2

Quality: 2.1

Yield: 0.0

Momentum: 3.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Cnova

A-Score: 1.9/10

Value: 8.0

Growth: 0.8

Quality: 2.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

-345.4$

Current Price

0.09$

Potential

-370703.69%

Expected Cash-Flows