Lagardere : Q1 2020 postview: downward adjustment of our estimates, with a challenging trend in travel retail
>A challenging trend and significant effort on the making a greater proportion of costs variable - Lagardère held its conference call on Thursday following the publication of Q1 2020 revenues that slightly exceeded our expectations. The group provided details of its cost-cutting programme at Travel Retail, including the transformation of guaranteed minimums into variable costs. We have revised down our expectations under the impact of a recovery that should be slowe...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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