Lagardere : Operational momentum remains unfavourable in travel retail and the strategy uncertain - Reduce vs Neutral
>Momentum still unfavourable, downgrade to Reduce - This note provides an update on Lagardère. The trends observed at the end of Q2 are set to continue, in our view. The recovery is solid at Lagardère Publishing but the situation remains very tough at Lagardère Travel Retail. Despite a slight rebound over the summer, air traffic in Europe and the US remains very depressed. Our forecasts for the group for 2020 and 2021 have been revised, driven by the more cautious est...Lagardere Groupe is a holding company. Through its subsidiaries, Co. is engaged in the media industry (news, education, culture and entertainment businesses). Co.'s main activities in the media industry can be divided into four separate divisions. Lagardere Publishing includes Co.'s Book Publishing and e-Publishing businesses. Lagardere Active encompasses Co.'s Magazine Publishing, Audiovisual (Radio, Television, Audiovisual Production), Digital and Advertising Sales Brokerage businesses. Lagardere Services encompasses the Travel Retail and Distribution businesses. Lagardere Unlimited specializes in sports and entertainment.
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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