In times of crisis, strategies change. But only the most flexible and acute are able to not miss the moment. On this wave seems to move Gianmario Tondato, CEO of Autogrill, who today opened the doors for a spin-off between the Food & Beverage and Travel Retail & Duty Free sections. "Up to now we have grown with acquisitions and consolidating the sector", Tondato explained, "but from now on, managing growth can no longer involve increasing debt because times have changed". THowever, the CEO remains cautious and, when asked directly about the feasibility of the spin-off, replies: “We will see, it will depend on the type of future perspective we have".
But the idea seems to have tickled investors who, a few minutes after Tondato's words, began to buy Autogrill shares. On the stock market the stock is gaining, around 16.15, 2,78% to 7,59 euros.
However, what the retail leader has already done is to make the debts of the two divisions, Food and Beverage and Airport Duty Free independent. “The industrial combinations”, said Tondato, “will have to take place in one or the other division or in both. This is the meaning of the separation”. And such an operation it would not be a "purely financial" choice but rather "linked to the growth and future of our company. It is important because it is strategic and central. That's what we'll have to do to enter emerging markets”.
Recently the securities firm Intermonte calculated that the two separate divisions would be worth more than their sum, as the market would eliminate the holding discount. Furthermore, given that Autogrill has already refinanced the debt with two separate lines of credit for each division, the timing would also be the right one. Intermonte estimates that the value of security could increase between 11 euros and 11,75 euros, or between 43% and 52,7% more than the current prices.
As regards the dividend il president of Autogrill, Gilberto Benetton, assured that the Group will detach the coupon also in 2012, if the accounts are in line with expectations. “Quethis is our understanding today,” he said. The shareholders' meeting approved the 2011 budget and resolved that a dividend will be distributed, on last year's financial year, equal to € 0,28 per share, 56% of the Group's net profit, up from 0,24 euros in the previous year.
