CCC S.A. (CCC.WA) | Investment Case

1. Company Snapshot

1.a. Company Description

CCC S.A. engages in the manufacture, wholesale, and retail of footwear for men, women, and children in Poland, Central and Eastern Europe, Western Europe, and internationally.It operates in two segments, Manufacturing Activities and Distribution Activities.The company offers shoes, such as sandals, sport shoes, half shoes, flip-flops, pool flip-flops, pumps, canvas shoes, high boots, slippers, ballerinas, espadrilles, booties, boots, and wellies; and accessories, including footwear care products, gloves, insoles, shoelace, wallets, caps, hats and headbands, belts, and socks for women, men, and kids, as well as bags, backpacks, and suitcases.

The company offers its products under the Lasocki, Puma, Skechers, Lasocki Comfort, New Balance, Kappa, Jenny Fairy, Bassano, Clara Barson, INBLU, Sprandi, Nylon Red, Via Ravia, BUT-S, Quazi, Reebok, Lanetti, Gino Lanetti, Ottimo, Walky, Cesare Cave, Vapiano, Lasocki Kids, Lasocki Young, Nelli Blu, Magic Lady, Muflon, Action Boy, Barbie, and Spiderman.As of April 30, 2021, it operated approximately 1,003 stores, as well as 82 online sales platforms.The company also sells its products through eobuwie.pl, an online store.

The company was formerly known as NG2 S.A. and changed its name to CCC S.A. in December 2012.CCC S.A. was founded in 1996 and is headquartered in Polkowice, Poland.

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1.b. Last Insights on CCC

CCC S.A.'s recent performance has been negatively impacted by a volatile market environment, characterized by trade uncertainties, geopolitical tensions, and fluctuating economic indicators. Despite a data moat and sticky customer base, the company's valuation has been reset due to revised analyst assumptions, including a slightly lower discount rate and steady revenue growth inputs. Additionally, European markets have faced challenges, with major indices like the STOXX Europe 600 and Germany's DAX experiencing declines, reflecting broader investor caution.

1.c. Company Highlights

Last Price	127.05
Change Percentage	0.00%
Open	116
Previous Close	127.05
Market Cap ( Millions)	9786
Volume	962144
Year High	247.2
Year Low	106.1
M A 50	123.57
M A 200	163.58

FCF Yield	8.79%
Dividend Yield	7.33%
ROE	0.64%
Debt / Equity	165.01%
Net Debt / EBIDTA	765.89%
Price To Book	1.02
Price Earnings Ratio	154.88
Price To FCF	11.37
Price To sales	3.58
EV / EBITDA	12.66

2. Modiv Industrial Q4 2025: Solid EPS, Tightening AFFO, Strategic Asset Recycling

Modiv Industrial reported fourth‑quarter revenue of $11 million, slightly down from $11.7 million a year earlier due to lease expirations with Costco and Solar Turbines. Adjusted funds from operations fell to $4 million ($0.32 per share) versus $4.1 million ($0.37) a year ago, driven primarily by a 1.7 million‑share increase in diluted shares. Despite the dip, the company beat consensus earnings, posting EPS of $1.57 against estimates of $1.36. The firm’s valuation remains aggressive, with a P/E of 153.82 and a P/B of 1.01, underscoring the market’s confidence in its long‑term portfolio strategy.

Publication Date: Apr -20

                                    📋 Highlights
                                    Q4 Rental Income Decline::
                                                Rental income fell to $11M (vs. $11.7M prior year) due to lease expirations with Costco and Solar Turbines.
AFFO Per Share Drop::
                                                AFFO decreased to $0.32/share (vs. $0.37/share) driven by a 1.7M share increase in diluted shares.
Liquidity & Debt Position::
                                                $14.4M cash, $30M revolver available; consolidated debt of $262.1M at 4.15% interest, no maturities until 2028.
Asset Recycling Strategy::
                                                Plans to sell non-core assets (e.g., San Diego property at $7-8M) and redeploy into industrial manufacturing with a 6.8% NAV cap rate.
Pure-Play Manufacturing Timeline::
                                                Aims for 100% pure-play portfolio within 24 months, with asset recycling focused on longer-term leases and tax-efficient redeployment.

                                

Revenue & Lease Dynamics

Rental income slid modestly as key tenants’ leases expired, yet Modiv’s portfolio still commands 14‑year terms with 2.5% annual rent escalations. The company’s tenant base remains robust, with low obsolescence risk and strong credit quality, mitigating revenue volatility in a volatile macro environment.

AFFO & Share Dilution

AFFO per share contraction reflects the 1.7 million‑share dilution rather than a fundamental operational decline. Management highlighted that this dilution is a strategic move to support capital deployment into higher‑yield manufacturing assets, preserving long‑term AFFO growth potential.

Debt & Liquidity Position

Modiv holds $262.1 million in debt at a 4.15% weighted average rate, with no maturities until July 2028. Cash and equivalents stand at $14.4 million, and a $30 million revolver provides a liquidity cushion, keeping the Net Debt/EBITDA ratio at a manageable 7.66.

Asset Recycling Strategy

The firm is actively divesting non‑core assets, including a San Diego office expected to fetch $7‑8 million and a Melbourne, Florida office that closed for over $400,000. These proceeds are earmarked for longer‑term industrial manufacturing assets, aligning with the company’s 100% pure‑play manufacturing goal within 24 months. Management cited plans to recycle industrial credits and selectively roll over opportunistic assets to optimize AFFO and avoid taxable events for investors.

Valuation & Investor Outlook

With a NAV of $22.19 per share implying a 6.8% cap rate, Modiv trades at a discount relative to comparable assets (6.75%–7.5%). The high ROIC of 102.44% and a free cash flow yield of 8.85% signal efficient capital use. Dividend yield stands at 3.71%, providing steady income in a high‑interest‑rate climate.

Strategic Alternatives & Market Position

While Modiv remains open to strategic alternatives, it prioritizes portfolio polishing over a sale, ensuring any transaction delivers optimal value for shareholders. The company’s undervalued shares, coupled with a widening cap rate spread, make it an attractive acquisition target amid increasing M&A activity in the REIT space. Management emphasized the importance of timing, noting that premature action could signal leadership discomfort with the process. Investors can anticipate $2.40 in income over the next two years and a higher portfolio value as asset recycling progresses.*

3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.95%)

6. Segments

CCC - Poland

Expected Growth: 10%

CCC Poland's 10% growth is driven by increasing demand for e-commerce and omnichannel retail, expansion into new markets, and strategic partnerships. The company's focus on customer experience, investments in digital transformation, and effective cost management also contribute to its growth.

CCC - Central and Eastern Europe

Expected Growth: 9%

CCC's 9% growth in Central and Eastern Europe is driven by increasing e-commerce adoption, expanding online marketplaces, and growing demand for fashion and lifestyle products. Strong brand presence, effective marketing strategies, and efficient logistics also contribute to the growth.

Eubowie - Central and Eastern Europe

Expected Growth: 8%

Eubowie's 8% growth in Central and Eastern Europe is driven by increasing e-commerce adoption, rising middle-class disposable income, and strategic expansion into new markets. CCC S.A.'s strong brand portfolio, efficient logistics, and effective marketing strategies also contribute to this growth.

Eubowie - Poland

Expected Growth: 7%

Eubowie's 7% growth in Poland is driven by increasing online shopping adoption, CCC S.A.'s strong e-commerce platform, and strategic marketing efforts. Additionally, Poland's growing middle class and rising disposable income contribute to the segment's growth. Furthermore, Eubowie's focus on fashion and lifestyle products resonates with Polish consumers, leading to increased sales and revenue.

HalfPrice - Poland

Expected Growth: 6%

HalfPrice's 6% growth in Poland is driven by increasing demand for affordable fashion, CCC S.A.'s strong brand recognition, and strategic expansion into smaller cities. Additionally, the company's focus on e-commerce and omnichannel experience contributes to its growth, as well as its ability to offer trendy products at competitive prices, attracting price-conscious consumers.

Eubowie - Western Europe

Expected Growth: 5%

Eubowie's 5% growth in Western Europe is driven by increasing online sales, expanding e-commerce platform, and strategic partnerships with local retailers. Additionally, CCC S.A.'s strong brand recognition, effective marketing strategies, and competitive pricing contribute to the growth. Furthermore, the region's growing middle class and increasing adoption of digital payments also support the segment's expansion.

Modivo - Central and Eastern Europe

Expected Growth: 8%

Modivo's 8% growth in Central and Eastern Europe is driven by increasing online penetration, rising middle-class disposable income, and a growing demand for affordable fashion. Strategic partnerships with local brands, effective marketing, and an expanding product portfolio also contribute to the growth.

Modivo - Poland

Expected Growth: 7%

Modivo's 7% growth in Poland is driven by increasing online shopping adoption, expanding product offerings, and strategic marketing efforts. CCC S.A.'s strong brand recognition and efficient logistics also contribute to the growth. Additionally, Poland's growing middle class and increasing disposable income further boost demand for Modivo's fashion products.

HalfPrice - Central and Eastern Europe

Expected Growth: 6%

HalfPrice's 6% growth in Central and Eastern Europe is driven by increasing demand for affordable fashion, expansion into new markets, and strategic partnerships with local suppliers. Additionally, CCC S.A.'s strong e-commerce platform and effective logistics management enable efficient distribution, further fueling growth in the region.

Modivo - Western Europe

Expected Growth: 5%

Modivo's 5% growth in Western Europe is driven by increasing online penetration, rising demand for affordable fashion, and strategic expansion into new markets. CCC S.A.'s strong e-commerce platform and efficient logistics enable Modivo to capitalize on these trends, while its focus on fast fashion and celebrity collaborations boosts brand appeal and drives sales.

Deezee

Expected Growth: 4%

Deezee from CCC S.A. achieves a 4-level growth driven by strong brand recognition, increasing online presence, and strategic partnerships. Effective marketing campaigns, expanding product offerings, and a growing customer base also contribute to its success. Additionally, the company's focus on innovation, quality, and customer satisfaction further fuels its growth momentum.

HalfPrice - Western Europe

Expected Growth: 5%

HalfPrice's 5% growth in Western Europe is driven by increasing online penetration, expanding product offerings, and strategic partnerships. CCC S.A.'s strong e-commerce platform and efficient logistics enable fast delivery, attracting price-conscious consumers. Additionally, the company's focus on sustainability and social responsibility resonates with environmentally aware European customers, contributing to its growth momentum.

CCC - Western Europe

Expected Growth: 9%

CCC's 9% growth in Western Europe is driven by increasing demand for e-commerce and omnichannel retailing, coupled with strategic partnerships and acquisitions. Strong brand presence, efficient logistics, and effective inventory management also contribute to growth. Additionally, CCC's focus on sustainability and digitalization resonates with environmentally conscious consumers, further boosting sales.

7. Detailed Products

Footwear

CCC S.A. offers a wide range of footwear products, including shoes, boots, sandals, and sneakers from popular brands.

Apparel

CCC S.A. provides a variety of apparel products, including casual wear, sportswear, and outdoor clothing for men, women, and children.

Accessories

CCC S.A. offers a range of accessories, including bags, hats, scarves, and socks from popular brands.

Sports Equipment

CCC S.A. provides sports equipment, including bicycles, fitness equipment, and sports gear from renowned brands.

Outdoor Gear

CCC S.A. offers outdoor gear, including camping equipment, hiking gear, and travel accessories.

E-commerce Platform

CCC S.A. operates an e-commerce platform, allowing customers to shop online and have products delivered to their doorstep.

8. CCC S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for CCC S.A. is medium due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for CCC S.A. is high due to the large number of customers and the availability of alternative products.

Bargaining Power Of Suppliers

The bargaining power of suppliers for CCC S.A. is low due to the company's large scale of operations and its ability to negotiate with suppliers.

Threat Of New Entrants

The threat of new entrants for CCC S.A. is medium due to the presence of barriers to entry and the company's established market position.

Intensity Of Rivalry

The intensity of rivalry for CCC S.A. is high due to the presence of several competitors in the market and the company's need to maintain its market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	81.98%
Debt Cost	12.08%
Equity Weight	18.02%
Equity Cost	15.00%
WACC	12.61%
Leverage	455.07%

11. Quality Control: CCC S.A. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

A-Score: 5.8/10

Value: 1.8

Growth: 5.7

Quality: 6.7

Yield: 4.4

Momentum: 8.0

Volatility: 8.3

1-Year Total Return ->

Ardagh Metal Packaging

A-Score: 5.0/10

Value: 6.2

Growth: 4.9

Quality: 2.7

Yield: 10.0

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

Knorr-Bremse

A-Score: 4.7/10

Value: 2.6

Growth: 3.4

Quality: 5.3

Yield: 3.8

Momentum: 6.5

Volatility: 6.3

1-Year Total Return ->

A-Score: 3.5/10

Value: 0.6

Growth: 9.9

Quality: 7.2

Yield: 0.0

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

CCC

A-Score: 3.5/10

Value: 5.8

Growth: 6.6

Quality: 5.7

Yield: 0.0

Momentum: 1.5

Volatility: 1.3

1-Year Total Return ->

Metsä Board

A-Score: 3.2/10

Value: 5.8

Growth: 1.2

Quality: 2.1

Yield: 6.2

Momentum: 0.5

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

7.00%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

12.61%

CCC S.A. - PLCCC0000016

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on CCC

1.c. Company Highlights

Strong Momentum

Expensive

More Volatile

Earnings Beats

Revenues Beats

Lower Yield

Revenues Miss

Fairly Valued

Stable Momentum

Average Growth

Weak Momentum

2. Modiv Industrial Q4 2025: Solid EPS, Tightening AFFO, Strategic Asset Recycling

Revenue & Lease Dynamics

AFFO & Share Dilution

Debt & Liquidity Position

Asset Recycling Strategy

Valuation & Investor Outlook

Strategic Alternatives & Market Position

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.95%)

6. Segments

CCC - Poland

Expected Growth: 10%

CCC - Central and Eastern Europe

Expected Growth: 9%

Eubowie - Central and Eastern Europe

Expected Growth: 8%

Eubowie - Poland

Expected Growth: 7%

HalfPrice - Poland

Expected Growth: 6%

Eubowie - Western Europe

Expected Growth: 5%

Modivo - Central and Eastern Europe

Expected Growth: 8%

Modivo - Poland

Expected Growth: 7%

HalfPrice - Central and Eastern Europe

Expected Growth: 6%

Modivo - Western Europe

Expected Growth: 5%

Deezee

Expected Growth: 4%

HalfPrice - Western Europe

Expected Growth: 5%

CCC - Western Europe

Expected Growth: 9%

7. Detailed Products

Footwear

Apparel

Accessories

Sports Equipment

Outdoor Gear

E-commerce Platform

8. CCC S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: CCC S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.e Scoring ^Insights

12.f DCF ^BETA