Oddo’s 2 Weeks Ahead_Friday 12 September 2025

Credit Morning 09/12/2025

Fnac Darty: France's finance ministry requires prior approval for JD.com's acquisition of Ceconomy|CEO leaves ZF – strange move at this point in time|

SIG Goup : On road to restore credibility and to move valuation back to higher ground

SIG, number two in the aseptic carton packaging industry behind Tetra Pak, has lost much credibility in recent years due to questionable acquisitions, unfortunate communication and missed expectations. The share price is pretty much at the bottom of its trading range since the IPO in 2018. The new chairman has triggered the dismissal of CEO Samuel Sigrist and a strategy review. We view this shift as a first step on the road to regaining credibility with investors. Also, given its attractive risk/reward profile and despite the challenging environment for consumer-related products currently, we ...