Report
Carole Braudeau

Credit Morning 07/25/2025

ELO: overview of H1 results and further details on the new financing structure|Takeover rumours around JD.com and Ceconomy become (more) concrete|Nexity reassures in H1 2025 with numerous positive signs, even though business remains weak|Entry into exclusive negotiations for the joint acquisition of the Milleis Group|
Underlyings
Bureau Veritas SA

Bureau Veritas specializes in inspecting, testing, auditing or certifying products, assets (such as buildings, industrial infrastructure, equipment and ships) and management systems (particularly against ISO standards) based on regulatory or voluntarily adopted standards. Co.'s operations can be divided into eight businesses: ship classification; industry services; inspection and verification of equipment in service; construction services; certification of management systems or services; inspection and testing of consumer products; services related to customs control and international trade services; and inspection and testing of commodities.

Carrefour SA

Carrefour is a distribution group based in France. Co. is engaged in retailing business, primarily in Europe (France, Belgium, Spain, Italy, Poland, and Romania); Asia (China, India, and Taiwan); and Latin America (Argentina and Brazil). Co. offers a variety of fresh produce, products from local suppliers and major-brand products. Co. operates Hypermarkets, Supermarkets, Convenience stores and Cash & Carry stores, as well as food and non-food e-commerce sites. Co. also offers services such as financial and insurance services, travel, entertainment, after-sales services, and leasing of commercial vehicles. As of Dec 31 2013 Co. operated 10,105 stores under its brand.

CECONOMY AG

Metro is a holding company. Through its subsidiaries, Co. is engaged in retail and wholesale. Co.'s operations are divided into four divisions: Metro Cash & Carry, Real, Media-Saturn and Galeria Kaufhof. The Metro Cash & Carry division operates in the cash and carry sector in Europe, Asia and Africa. The Real division is a hypermarket operator in Germany where it operates both stationary stores and an online store. The Media-Saturn division provides an assortment of brand products in consumer electronics retailing. The Galeria Kaufhof division operates department stores in Germany and Belgium. Co. is also a property manager through METRO PROPERTIES GmbH & Co. KG.

Cegedim SA

Cegedim is a technology and services company. Co. supplies services, IT tools, specialized software, information flow and database management services to healthcare industries, pharmaceutical companies, healthcare professionals and insurance companies. Co.'s operations can be divided into three sectors: CRM and Strategic Data (optimizing marketing and sales strategies, namely through tools and databases for managing sales forces, returns on investment, market or prescriber studies); Healthcare Professionals (software publishing with availability of promotional information) and Insurance and Services (software publishing and management of healthcare reimbursement flows).

CREDIT AGRICOLE SA

Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.

IPSOS

Ipsos is an independent survey-based research group based in France. Co. focuses exclusively on the production, interpretation, and distribution of information gathered from individuals about their views, desires, attitudes, and behaviors. It uses two principal methods of survey-based research: Quantitative research and Qualitative research. Co. organizes its business around six areas of specialization: Advertising Research; Marketing Research; Media Research; Opinion and Social Research; and Customer Relationship/Management Research. In addition, it divides its operations into five geographical areas: Europe, North America, Latin America, Asia-Pacific, and Middle East.

LVMH Moet Hennessy Louis Vuitton SE

LVMH Moet Hennessy Louis Vuitton is a manufacturer and retailer of luxury goods. Co. offers champagne and wines, cognac and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelery; and is engaged in selective retailing. Its operations are organized along five business segments: Wine and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelery, and Selective Retailing. Co. is also engaged in other activities (Media with Les Echos group, La Samaritaine and Luxury yacht with Royal Van Lent). Some of Co.'s brands are Moet & Chandon, Dom Perignon, Louis Vuitton, Fendi, Donna Karan, Parfums Christian Dior, Guerlain, Parfums Givenchy, and TAG Heuer.

Mercialys SA

Mercialys is a real estate company, specialized in the transformation and management of shopping centers. Co. manages a portfolio of 91 properties located throughout France at Dec 31, 2013. Co.'s assets are classified into three categories: large regional shopping centers (GLA of over 365,800 sq. m.), neighborhood shopping centers (GLA of over 181,600 sq. m.), and Other assets (40,900 sq. m.). At Dec. 31, 2013, the portfolio comprised 25 large regional shopping centers, 36 neighborhood shopping centers, and 18 other sites such as food stores, specialty stores, independent cafeterias, service malls, and convenience stores, representing a total gross leasable area of about 588,300 sq. m.

Nexity SA Class A

Nexity in an integrated real estate group based in France. Co. operates in all areas of real estate development and services (residential real estate, commercial real estate, real estate services to individuals and real estate services to companies, distribution networks and client relations, major urban projects). Co. maintains a market presence across all industry cycles (short, medium and long). Co. serves three types of clients: individuals, companies and investors, and local authorities. Co.'s activities are conducted around four primary divisions: Residential real estate, Commercial real estate, Services and Distribution Networks, and Other activities.

Recordati Industria Chimica e Farmaceutica S.p.A.

Recordati-Industria Chimica e Farmaceutica is a pharmaceutical group based in Italy. Co.'s operations are divided into two operating segments: pharmaceuticals (and pharmaceutical chemicals) and orphan drugs. Co.'s products include ZANIPRESS®/ZANEXTRA®/LERCAPREL®/LERCARIL®, an antihypertensive drug; ZANIDIP®/CORIFEO®/LERCADIP® (lercanidipine), an antihypertensive drug discovered and developed in Co.'s research laboratories; UROREC® (silodosin), a new drug indicated for the treatment of benign prostatic hyperplasia; and LIVAZO®/ALIPZA® (pitavastatin), a statin for the treatment of dyslipidemia, among others.

SAIPEM S.P.A.

Telecom Italia S.p.A.

Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).

TRATON SE

Traton SE is a Germany-based manufacturer of commercial vehicles. The Company operates through a number of brands, which includes MAN, a commercial vehicle manufacturer, which specializes in the production of vans, as well as city buses and intercity and travel coaches; Scania, which provides transport solutions, heavy duty vehicles for long-distance and distribution transport, as well as construction vehicles; Volkswagen Caminhoes E Onibus, which is a provider of light-to heavy-duty trucks and bus for markets, such as Latin America and Africa, and Rio, which is a global brand for digital services in the transport industry that offers an open, vendor-neutral and cloud-based platform for freight transport.

Valeo SE

Valeo is an automotive supplier, partner to automakers worldwide. As an industrial and technology company, Co. focuses on designing, manufacturing and selling components, integrated systems and modules for automobiles and heavy goods vehicles, both on the original equipment and the aftermarket segments. In addition, Co. offers innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving to its customers. Co. operates through four business groups: Comfort and Driving Assistance Systems, Powertrain Systems, Thermal Systems, and Visibility Systems.

Webuild S.p.A.

Salini Impregilo is engaged in the water segment. Co. is organised according to the distribution of its activities into its various segments: Corporate, which is engaged in the coordination and supervision of Impregilo S.p.A.'s main investments; Construction, which consists of the business headed by Impregilo S.p.A.; Concessions, which consists of the business coordinated by Co.'s subsidiary, Impregilo International Infrastructures B.V. (the Netherlands) and carried out through subsidiaries, jointly controlled entities and associates; as well as Engineering & Plant Construction, which consists of the business headed by FISIA Italimpianti and FISIA Babcock Environment (Germany).

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
Carole Braudeau

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