Recommandation Achat maintenue sur les obligations convertibles
Malgré un exercice 2023 plus difficile qu’attendu sur le plan commercial, en témoigne les révisions en baisse d’objectifs de top line, Zalando a montré qu’il était capable de passer avec efficacité en mode défensif avec un focus sur les coûts et un déploiement plus progressif de ses investissements logistiques qui ont conduit à un rebond rapide de l’Ebitda, à une bonne maîtrise de son free cash-flow et à une diminution de 1 point du levier (à 0,8x ajusté estimé pour fin 2023). La...Zalando is an e-commerce group based in Germany. Co. is engaged in the online retailing of clothing, shoes and accessories for women, men and children. Co.'s product offering include more than 1,500 brands, including global and local brands, as well as private labels, including shoes, clothing and accessores as well as sportswear and homeware designed especially for the Co. The Co.'s product offering is complimented by the Zalando Lounge and Zalon apps, which provides registered members special offers at discounted prices. Co. also provides a combination of services that include free delivery and returns.
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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