Hey everyone, which stocks are currently on your watchlist? I'll make a start:

$ADP (+1,02%)

$ALV (+1,16%)

$BELA (+1,07%)

$AJG (+2,65%)

$CAMX (-1,14%)

$7013 (-1,93%)

$BLK (+0,94%)

$BELA (+1,07%)

First of all, the following text is AI-generated😅As a busy dad, it is much faster, but of course the information for everyone to check the numbers, data and facts on their own responsibility.

Here we go...

I'm currently taking a closer look at Jumbo, the Greek retailer of toys, household items & furniture - and the fundamentals are exciting.

🔹 Business model

Jumbo is the market leader in Greece and is expanding in South East Europe (Cyprus, Bulgaria, Romania). The company offers a very wide range of products from toys and household items to furniture and seasonal goods.

The business model is reminiscent of a mixture of IKEA + Toys'R'Us, but with a focus on low prices and a high proportion of own brands.

🔹 Growth & profitability

• Turnover: 2024 at ~€1.15 billion, growth +6.3% compared to 2023
• EBITDA 2024: approx. €424 million
• Net income 2024: approx. €320 million
• Gross margin: stable at ~55%
• 👉 Jumbo thus demonstrates high and stable profitability - unusually strong for the retail sector

🔹 Balance sheet & debt

• Cash and cash equivalents exceed all debt and lease liabilities
• Surplus liquidity: ~€372 million
• Debt/equity ratio practically at 0
• 👉 Jumbo is therefore net debt-free and extremely solid financially.

🔹 Return on capital employed (ROCE)

Particularly important for me: How efficiently does Jumbo use its capital?

• ROCE 2024: ~25 %
• For comparison: Many European retailers are only at 8-12%
• 👉 Jumbo therefore achieves an above-average return on capital, which speaks for a very efficient use of capital.

🔹 Valuation

• P/E ratio (trailing): approx. 12.8-13×
• EV/EBITDA: approx. 8.7×
• The share has already gained >20% in 2024, but still looks moderately valued compared to the sector.
• Dividend policy: regular, attractive distributions.

🔹 Moat (unique selling points)

Why is Jumbo so successful compared to the competition?

Lowest cost structure thanks to direct imports & own brands

Everything under one roof range: from toys to furniture, supplemented seasonally

Price leader in the region, high customer loyalty

Strong market position in Greece & South East Europe - little direct competition

Own real estate → lower fixed costs, substance in the balance sheet

Net cash balance sheet → high flexibility for expansion & dividends

This combination ensures stable margins and above-average returns on capital.

🔹 My assessment

Jumbo united:

✅ Solid growth

✅ Very high efficiency (ROCE ~25%)

✅ Debt-free balance sheet with net cash

✅ Moderate valuation despite share price increase

✅ A clear moat in the business model

To me, this looks like an exciting long-term investment story - value with a quality factor.

👉 Question for you:

What do you think of Jumbo? Do you already have the share on your radar or even in your portfolio?