ODDO : Tariff risk in the US: what implications for the spirits sector?

The US represents 28% of the global spirits market in value, with the vast majority of products imported. The tariffs announced by Trump therefore particularly affect this industry. We estimate at -6% the impact on EBIT the one-off effect of trade tariffs, to which we must add -1% related to the depreciation of the dollar. Due to the probable impact on the US economy, we have pushed back the timing of the recovery of the spirits market our EPS estimates (EPS cut by 3% on average in 2025 and 2026) We continue to favour quality with our Top Pick Diageo (Outperform) and switch to Neutral on Rémy ...

ODDO : Risque tarifaire aux USA : quelles implications pour le secteur des spiritueux ?

Les USA représentent 28% du marché mondial des spiritueux en valeur avec une vaste majorité de produits importés. Les tarifs douaniers, annoncés par Trump, concernent donc particulièrement cette industrie. Nous estimons à 6% l’impact sur l’EBIT de l’effet one-off des droits de douane auquel il faut ajouter 1% lié à la baisse du dollar. En raison de l’impact probable sur l’économie américaine, nous décalons le timing de reprise du marché des spiritueux dans nos estimations (BPA abaissés de 3% en moyenne en 2025 et 2026). Nous privilégions la qualité avec notre top pick Diageo (Surperformance) e...

Pernod Ricard : Un T3 24/25 surtout tributaire d’effets de phasage qui limitent la lisibilité des résultats

DANONE: VENTAS 1T’25 Y CAMBIO DE P.O. AL ALZA (ANÁLISIS BANCO SABADELL)

Ventas 1T'25 vs 1T'24: Ventas: 6.844 M euros (+0,8% vs +0,5% BS(e) y +0,9% consenso).

SAP: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'25 vs 1T'24: Ventas: 9.013 M euros (+12,1% vs +12,7% BS(e) y +13,2% consenso); EBIT: 2.455 M euros (+60,1% vs +45,7% BS(e) y +44,9% consenso).

IBERIAN DAILY 23 APRIL + 1Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: COLONIAL, SANTANDER. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’25 results to be released over the coming days in Spain. US stock markets try to recover European stock markets ended with gains of 0.5%, benefiting from the US rally where the 1Q’25 earnings season is improving slightly. Within the STOXX 600, Consumer Goods and Basic Resources were the best performers whereas Construction and Pharma posted the biggest drops. On the macro side, in the euro z...