近日,武汉中商公告了新的重组交易预案,披露本次交易标的资产——居然新零售交易价格初步确定为363亿元至383亿元之间,引发业内普遍关注。

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估值直逼红星美凯龙,居然之家借壳上市预案引争议

  • 快讯
  • 时间 2019-02-20

微陶网讯  近日,武汉中商公告了新的重组交易预案,披露本次交易标的资产——居然新零售交易价格初步确定为363亿元至383亿元之间,引发业内普遍关注。

随即,武汉中商召开重大资产重组说明会,针对本次交易定价是否被高估、标的公司快速扩张的风险以及武汉中商现有业务的安排等方面问题作出解答。

交易预案披露,武汉中商拟通过发行股份的方式收购标的公司居然新零售100%股权,交易价格初步确定为363亿元至383亿元之间。其定价基础是基于阿里、泰康等机构投资者于2018年2月对居然新零售进行战略入股之后形成的363.5亿元投后估值这一既定事实。

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估价偏高?

居然新零售属于大型家居零售企业,其所经营的主要业务包括家居卖场、家居超市、家装及其他创新业务。

针对其估值高低,业内人士普遍将其与家居零售行业的另一家龙头上市企业——红星美凯龙做对比。

按A股收盘价和总股本计算,红星美凯龙最近半年和最近三个月内的平均总市值分别为421亿元和402亿元。按A股和H股股价和股份数量分别计算并加总,红星美凯龙最近半年和最近三个月内的平均总市值分别为385亿元和368亿元。

虽然居然之家近年来发展迅速,且去年因为得到阿里等投资者的巨额投资而声势大涨,但其383亿元的最高估值,直逼红星美凯龙,还是受到了一些业内质疑的声音。

在媒体说明会上,中小投资者服务中心直接提出疑问:“与更大规模且经营情况更好的红星美凯龙相比,居然新零售本次交易价格是否被高估?”

“价格不是我们想象出来的,也不是估出来的,而是市场、投资人投出来。”居然控股(居然新零售大股东)董事方汉苏表示,综合考虑去年产生的净利润,居然之家363亿元至383亿元的估值,代表了市场的基本看法。同行业不同企业之间的估值差别是很大的,企业间的微小差异将带来估值的巨大不同。和重资产的红星美凯龙相比,居然新零售属于轻资产,在资产相差近4倍的情况下,居然新零售和红星美凯龙在营收和利润方面的差异约为30%。

根据居然控股每年公布的业绩,2017年,居然控股实现销售收入608亿元,同比2016年增长30.4%;累计总开店数达223家,新开店63家。2018年,居然控股实现销售收入750亿元,同比2017年增长23.36%,累计总开店数达303家,新开店80家。

近日,居然控股董事长汪林朋还公开透露了2019年的目标,居然控股将力争全年实现市场销售额850亿元,累计开店数量突破400家。

此外,在新零售方面,方汉苏认为,居然之家不光领先于红星美凯龙,在智慧门店的改造、线上开店、“设计家”平台、智慧物流、居然管家等五个方面走在行业前列且初见成效。

“当然,这个估值还需要通过合格评估机构进行评估,与武汉中商、武汉国资协商后再定价。”方汉苏说。

升级新零售

相对于居然之家,武汉中商属于传统零售企业,成立35年以来,公司营业收入总体稳定。2017年和2018年前三季度,武汉中商分别实现营业收入39.97亿元和29.49亿元,分别实现净利润3.95亿元和1.29亿元。公司预计2018年全年盈利6500万元至8000万元。

在武汉中商实际控制人变更后,其现有业务的安排也备受业界关注。

居然新零售总裁王宁表示,武汉中商多年深耕零售业务,包含了现代百货、超市等。此次整合后,武汉中商可进入居然新零售全国几百家卖场,继续做大百货零售业,扩展新的市场空间,成为带动区域经济增长的新动能。另外,武汉中商能够发挥多年积累的经验优势,与居然新零售产生互补发挥协同效应,重构人货场的新零售场景。

而对于居然新零售快速扩张可能面临的风险,投资者服务中心表示,渠道下沉以及市场竞争,可能导致公司毛利率下滑,对盈利能力产生不利影响。另外,快速扩张可能存在加盟商服务质量下滑以及违约问题,也值得重视。

对此,居然新零售财务总监朱蝉飞表示,公司扩张以加盟店为主,加盟店是以居然之家向其提供前期项目服务、商业管理咨询管理服务赚取收益,公司收取加盟费、权益金等收益,相当于是纯利,基本上不会带来成本增加。

同时,居然新零售计划,在2019年“双十一”之前,完成全国主要门店的数字化改造。另外,为解决行业最后一公里的服务痛点,公司计划于今年开始智能物流网的连锁布局,并于2019年年底投入运营。

*本文来自微陶网(微信ID:微陶网)。更多精彩资讯请登陆www.waito.net,或关注微陶网公众号。*
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