...Core categories, distribution channel, or markets may be under some pressure but opportunities arise in new categories, channels, or markets. Group structure shows some complexity but mitigated by transparent reporting. Experienced board exercising effective check and balances. Ownership can be concentrated among several shareholders. Some competitive advantages with reasonably good sustainability. Well established position. Leading retailer by revenue in most of its merchandise categories and geographic markets with EBITDAR of at least EUR/USD1.5 billion. Steady market share or modest losses relative to competitors. Demand volatility in line with economic cycles....
