Ceconomy : At an inflection point
Ceconomy developed much better than we expected when we initiated the name in March 2023. We had in mind that weak consumer sentiment, perhaps coupled with a severe recession, would create a lot of stress for the company and, in turn, for the bond. This view was wrong: Ceconomy achieved like-for-like growth across the group, despite a weak Q4 23 in its core regions of DACH and Southern/Western Europe, but ultimately improved adjusted EBIT year on year. Thanks to a EUR 332m reduct...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.
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.
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