Fielmann AG : Fielmann’s disappointing expectations for Q2 lead us to cut our sales and earnings estimates
>Q2 2018 EBT below previous year’s level - After an already disappointing performance in Q1 2018, Fielmann’s forecast for H1 (announced on 28 June) and the implied expectations for Q2 shocked the market. Management expects sales of € 711m (+2.3% yoy) in H1 2018, equating to c.€ 361m (+2.2% yoy) in Q2 2018. This was far below our Q2 18e growth estimate (+4.5% yoy). A major factor (with an impact of >€ 6m) was the weakness of the Swiss franc. Management also told us tha...Fielmann is an eyewear manufacturing group based in Germany. Co. is predominately active in the optical industry and operates across every level: as manufacturer, agent and optician. Co. is involved in the operation of and investment in opticians' shops, hearing aid companies and the manufacture of and trade in visual aids and other optical products, in particular spectacles, spectacle frames and lenses, sunglasses, contact lenses, related articles and accessories, freely traded merchandise not subject to licensing of all kinds as well as hearing aids and related accessories. Co. markets its products in Germany, Switzerland, Austria, Belarus, Ukraine, Poland, Netherlands, and Luxembourg.
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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