Lagardere : H1 results a shade below expectations, good momentum for travel retail
>Rating changed to Neutral and target price adjusted to € 25 - Lagardère yesterday reported H1 results that came in slightly below expectations (EBITA of € 107m vs our estimate of € 116.7m and € 125m for the consensus). The main difference with our forecasts stemmed from costs which were higher than we expected, particularly in publishing because of inflationary pressures on production, transport and labour costs. In travel retail, the recovery is still strong, the gr...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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