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Strategy Briefing
Does Steinhoff Face Total Collapse?
18 pages, Jan 2018
US$570Added to Cart
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About This Report
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Shares for publicly listed Steinhoff International Holdings Ltd (“Steinhoff”) went into free fall in early December 2017, following the resignation of its CEO, as well as the company’s decision to delay 2017 results and to launch an investigation into alleged accounting irregularities. To avoid total collapse, Steinhoff may need to divest assets in order to stay afloat, but first the company is tasked with proving that assets are correctly valued.
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Overview
Why buy this report?
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Steinhoff’s wide global reach due to acquisition activity
Steinhoff International Holdings Ltd (“Steinhoff”) has performed impressively in recent years, surging from being the 39th ranked home and garden specialist retailer globally in 2009 to being ranked sixth in 2017. The company has retail operations in several regions, including Australasia, Eastern Europe, Western Europe, NorthAmerica and the Middle East and Africa, due to its acquisition activity.
Accounting investigation sends Steinhoff shares in to free fall
The resignation of its CEO (Markus Jooste), as well as the company’s decision to delay 2017 results and to launch an investigation into alleged accounting irregularities has sent Steinhoff’s share price into free fall, losing more than 80% of its value in a matter of days.
Lack of financial transparency adds more fuel to the fire
Steinhoff has released few details following the CEO’s exit, which has created further uncertainty. The company has stated that 2016 results will need to be restated; however, it has yet to confirm if this applies to both South African and international subsidiaries.
Negative conclusion to lenders meeting impacts share price again
Lenders were expecting clarity on whether only 2016 results need to be restated;however, Steinhoff’s failure to provide further information during the 19 December lenders meeting has exerted further pressure on the company’s share price.
Asset disposal a likely future scenario for Steinhoff
To avoid total collapse, Steinhoff may need to divest assets in order to stay afloat.However, Steinhoff is now tasked with proving that assets are correctly valued,therefore, asset disposal is unlikely to be a straightforward process.
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Introduction
Scope
Key findings
Steinhoff International Holdings Ltd: Key company facts
M&A Activity Boosts Global Reach
Steinhoff: A South Africa-headquartered furniture empire in the making
Steinhoff’s home and garden acquisitions boost revenue
Steinhoff’s geographic expansion through acquisition activity
Share Price Plunge
Steinhoff’s share price plunges after CEO’s prompt exit
Steinhoff’s woes deepen amid accounting scandal
Steinhoff’s zealous expansion tactics: A winning or losing strategy?
Future Outlook
Steinhoff’s planned store expansion grinds to a halt
Lenders meeting a crucial step for Steinhoff
Asset disposal a likely scenario for Steinhoff to avoid total collapse
Report Definitions
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Why buy this report?
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
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