...Core categories, distribution channel, or markets may be under some pressure but opportunities arise in new categories, channels, or markets. High quality and timely financial reporting. Group structure shows some complexity but mitigated by transparent reporting. Good CG track record but effectiveness/independence of board less obvious. No evidence of abuse of power even with ownership concentration. Some competitive advantages with reasonably good sustainability. Top-10 market position Second-tier retailer by revenue in most of its merchandise categories and geographic markets with EBITDAR of at least EUR/USD 0.5 billion. Steady market share or modest gains relative to competitors. Demand volatility in line with economic cycles....
