End of coverage

From 27th of September 2023, we will no longer include Veom Group in our coverage universe.

Steady progress in improving revenue mix

VEOM has reported Q2 2023 sales down 7% yoy. While Chacon & DIO Home sustained good momentum, Cabasse Audio (-18% yoy) faced a slowdown in retail sales. We remain cautious regarding H2 2023 amid a deteriorating macroeconomic outlook for consumer spending, but we anticipate successful product la

Bryan, Garnier & Co Technology Daily | CPGI, SOW, COP, ALVGV, SEMIS

ATOSS Software: a resilient start of the year

This morning, ATOSS Software published its Q1 2025 results, which are mostly in line with our top-line estimates and somewhat stronger on the profitability side. Group top-line is EUR46.3m, up 10.5% yoy, 1.3% below our forecast and 1.2% below Bloomberg consensus. EBIT profitability is 33.7%, versus

Interparfums: sweet scent of Q1 sales

Interparfums has reported 10.7% sales growth for Q1 (+8% at same FX). The fragrance market remained strong, including in the US. Since the beginning of April, momentum has been less dynamic and more volatile. Nevertheless, the group's management reiterated FY sales guidance (EUR930m to EUR935m). We

Carrefour: soft start to the year in France

Q1 was a soft start to the year with 0.6% LfL excl. Argentina, slightly below expectations mostly driven by France where price elasticity of 2024 price investments remains limited. We expect no material css adjustments and stick to our recent Sell rating. Upcoming court rulings over May-June will b