Lagardere : Very good Travel Retail performance in Q1
>Neutral rating reiterated - Lagardère yesterday reported its Q1 2023 revenues, which came in ahead of our expectations mainly thanks to better-than-expected momentum at Lagardère Travel Retail. The group did not hold a conference call but we talked to the company in order to update our estimates. In 2023, the group is likely to be consolidated in Vivendi (which currently owns 57.7%), following approval from the European Commission (and the sale of Editis by Vivendi)...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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