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Hornbach Baumarkt: No Home Improvement Yet

Summary

Third-largest home improvement retailer in Germany sells at discount to book value.

On top of that, substantial real estate holdings are likely undervalued on the balance sheet.

Its growing international operations offer more attractive returns than its domestic operation.

The current underperformance is caused by highly competitive domestic market and sub-optimal real estate strategy.

Hornbach Baumarkt (OTC:HBAUF) is a German home improvement retailer that has expanded its activities into other European DIY retail markets. Given the fairly positive...


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