Logista : Ongoing switching cost moat. Outperform vs Neutral on valuation grounds
>Local retail leader in southern Europe - Logista is the leading distributor to local retailers in southern Europe. The company has >600 warehouses in Iberia, France and Italy that are used to distribute products to >200k local retail points of sale (tobacconists, pharmacies, supermarkets, convenience stores, gas stations…) which generate gross invoicing of >€ 50bn p.a.Self-funding its diversification into non-tobacco revenues - Tobacco volumes (c70% ...Compania de Distribucion Integral Logista Holdings, through its subsidiaries, is a distributor and logistics operator in Spain, Portugal, France, Italy and Poland. Co. is engaged in providing various distribution channels with a range of products and services, including tobacco and tobacco related products, convenience goods, electronic documents and products (such as mobile phone and travel card top-ups), pharmaceutical products, books, publications and lottery tickets. Co. provides these services through a network which spans the whole value chain, from picking up to POS delivery.
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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