En nog meer verwachtingen: nieuws 6-4 Outlook Vendex KBB: analists are looking for a turnaround AMSTERDAM (AFX-NL) - Vendex KBB will report Tuesday net profit before preferred dividends for the year to Feb 1 of 153.0-164.0 mln eur, up from 145 mln eur a year earlier, analysts said. Earnings per share are expected to rise to 1.61-1.75 eur from 1.54 in 1999, helped by one-time gains from selling the company's stake in Gran Dorado and the underperforming fashion chain Kien. After a disappointing fiscal first half for Vendex KBB, analysts are looking for signs of a turnaround in the second half of the year, when the company usually books around 70 pct of its annual operating profit. With the macroeconomic outlook unclear, the company will likely refrain from an outlook for 2001 earnings, analysts said. Petra Rinsma, analyst at SNS Securities, estimates net profit rose last year to 158 mln eur or 1.69 eur per share. The broker rates the stock 'outperform.' While "cautious" on the company's fashion businesses, she expects that overall Vendex managed to improve its annual growth rate in the second half. The department stores should show improving results in the second half, helped by a favourable comparison with a weak period last year, she said. Rinsma forecasts second-half operating profit rose 28.8 pct to 199 mln eur, after showing a 21 pct annual decline in the first six months of 2000. The EBIT margin should improve sharply in the second half to 6.6 pct from 5.4 in the first half. For the full year, SNS forecast sales up 10.7 pct to 4.643 bln eur, with operating profit rising 11.2 pct to 266 mln eur. The EBIT margin should improve to 6.0 pct from 5.4 in 1999. Analysts at Deutsche Bank are also looking for a strong second half. They estimate that full-year net profit rose 13 pct to 164 mln eur, with EPS up 14 pct to 1.75 eur. Compared to other non-food retailers, Vendex KBB stock remains undervalued, the broker said. In addition, Vendex only has limited exposure to the U.S., with its unit FAO Schwarz generating just 4 pct of group sales. The German bank is bullish on the company's prospects, reiterating a 'buy' advice on the stock and estimating 13 pct annual EPS growth over the next three years. They expect that the company's management will continue to actively manage the group's portfolio after executing 14 deals already in the last 15 months. Marlies Biemans, analyst at F van Lanschot Bankiers, estimates annual net profit of 153 mln eur, with earnings per share of 1.61 eur. Biemans expects the company to book extra profit of 31 mln eur from real estate management, on top of another 43 mln eur in one-time gains from the divestments of the Grand Dorado stake and the Kien chain. Without the extraordinary items and real estate profit, earnings per share will fall 24 pct to 0.92 eur from 1.21 in 1999, she estimates. F van Lanschot rates the shares 'market perform', but the analyst is optimistic about the outlook for 2001, noting that the company is nearly finished with getting rid of its weakest formulas. Willams de Broe puts full-year net at 157.4 mln eur with EPS of 1.64 eur. The broker rates the shares 'buy', estimating more than 10 pct annual EPS growth in coming years. They expect that the company's department stores, which account for more than half of second-half EBIT, showed double-digit EBIT growth in the second half, helped by efficiency measures at Vroom & Dreesman and Hema. Overall, Vendex should post second-half EBIT up 17 pct, with the full-year figure up around 5 pct, the broker said. Amstgeld estimates annual net of 160.5 mln eur, with EPS of 1.70 eur. The broker rates the shares 'outperform' with a 12-month price target of 22 eur per share.