More than an accessory: the acquisition of Butlers

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What's it all about ?

home24 announced the acquisition of Butlers, like home24 a German home & living retailer, however with a stronger offline presence. The acquisition is set to close in Q2 2022, pending the approval of the German cartel office. Once approved, home24 will acquire a well-known and profitable retail brand widening its own product portfolio and adding roughly EUR 100m in sales. This move potentially unfolds synergies between both brands as home24 gains access to over 130 brick-and-mortar retail stores and over 40 million customers across Europe. At a transaction multiple 21E of EV/EBITDA 6.7x - 9.5x (eAR), the acquisition is potentially value accretive. We reiterate to BUY with PT EUR 17.00 on estimates not yet including the transaction.