Lagardere : Good H1 2023 results buoyed by momentum in travel retail
>Neutral recommendation reiterated - Lagardère has reported interim results that beat our forecasts (EBIT of € 141m vs our forecast of € 125m). The main difference stems from the better-than-anticipated performance from Lagardère Travel Retail, up 32.4% and EBIT of € 92m, beating our forecasts. The group held a conference call after the publication during which it indicated that the resilience of the travel retail activity should continue in Q3 (growth of 18-20% anti...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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