Report
Ana Arjona-Martinez ...
  • Antonio Rodriguez Vicens

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/29/2022

Jerónimo Martins is a leading food retailer in Poland (discounter Biedronka, market leader with 27% market share), Portugal (#2, 23% market share) and Colombia. It has been a strong performer (+56% in 12 months vs +10% for the EU food retail sector). We expect EBITDA growth to continue albeit at a slower pace than in previous years (+8% 2021-2025e CAGR vs +11% over 2007-2021) due to cost inflation and pricing investment to curb growing competition. We initiate coverage with a Neutral ...
Underlyings
Adecco Group AG

Adecco Group provides human resource services, including temporary staffing, permanent placement, outsourcing, consulting and outplacement. Co. has more than 5,500 branches in over 60 countries and territories. Co.'s Office and Industrial businesses offer a range of general staffing services, including temporary staffing, permanent placement, assessment, training and integrated human resources applications. In addition, Co. operates professional business lines, which include Adecco Finance & Legal, Adecco Engineering & Technical, Adecco Information Technology, Adecco Medical & Science, Adecco Sales, Marketing & Events and Adecco Human Capital Solutions.

H&M Hennes & Mauritz AB Class B

H & M Hennes & Mauritz is engaged in the sale of clothing and cosmetics in Sweden and internationally. Co.'s stores offer basics, tailored classics, sportswear, and maternity clothes for women; basics, leisurewear, and seasonal fashions for men; denim and street fashions; and fashion wear for children and teenagers, as well as accessories, underwear, and shoes. Co. also provides makeup and body care products; and home fashion products, which include interior textiles for the bedroom, bathroom, living room, and kitchen. Co. has approximately 3,132 stores, including 110 franchise stores, 85 COS stores, 79 Monki stores, 21 Weekday stores, 8 & Other Stories stores and 3 Cheap Monday stores.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Ana Arjona-Martinez

Antonio Rodriguez Vicens

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