French Food Retail: welcome back to deflation

With France returning to food deflation in May at -0.1%, and the trend set to persist if not worsen over coming months, we foresee even more negative market growth and a greater likelihood of a price war in the short-term. Among the key grocery markets, France is becoming the hotspot, fuelling our

Food Retail: Navigating stormy waters of deflation and price war

As food deflation risks increasingly diverge from one market to another, we take a fresh look at local price war risks and at the sector earnings cycle. We remain puzzled by the YTD sector derating and underperformance while FY 2024-25 expected EPS growth is still strong. Many investors seem to be

Casino: 100/1 reverse stock split adjustment

With Casino implementing its 100 for 1 reverse stock split today, we have adjusted our PT from EUR0.024 to EUR2.4. We continue to see the New Casino as far too cash-constrained to be able to reinvest as much as needed in the business (covenant too tight from 2026 onwards) and optimise the likelihoo

Interparfums issues bonus share award.

Genfit entering commercial stage after FDA green light

Historical moment for Genfit: elafibranor (Iqirvo) approved by the FDA. Based on available information, label comparable to Ocaliva (Intercept/AdvanzPharma) which generated above USD 300mn sales in FY23 despite unfavorable therapeutic characteristics (Pruritus aggravation). Approval triggers EUR 48