On the shelves now: Consumer Weekly #66

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the correlation between robust financial markets and healthy US consumer

On the shelves now: Consumer Weekly #65

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the impacts of US tariffs and potential retaliation strategies by foreign

JUST EAT TAKEWAY.COM : Increasing confidence in a bump

On the shelves now: Consumer Weekly #63

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how sub-sectors within our Consumer coverage have fared since the beginni

Deliveroo: controlled reinvestments in 2025, untouched business model

Post-FY 2024, we see 2025 as a year of reinvestment set to fuel longer-term growth and implying a smaller margin expansion than usual. Whether these investments are purely proactive or in response to the ongoing acquisition of JET by Prosus, we expect a higher pace of growth going forward and have

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/12/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/03/2025

Delivery Hero : A free call option

On the shelves now: Consumer Weekly #60

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the relative catch-up by European stocks. Happy reading!

Just Eat Takeaway: Prosus' bid very likely to go through, aligning our...

Following on from the announcement of a EUR20.3/share cash bid by Prosus (detailed here), we have downgraded our rating from Buy to Neutral and aligned our PT to the offer at EUR20.3. This reflects our confidence that the deal will go through, fuelled by three statements. We will recommend that sha

Credit Morning 02/24/2025

THOM Group: Q1 results in line with expectations, Q2 seems to be off to a good start.|Just East Takeway: Prosus to launch bid for 100% of share capital|Teva: positive Phase 2b results for the divakitug drug, launch of Phase 3 in H2 2025|Saipem: proposal to merge with Subsea7|

Morning Crédit 24/02/2025

THOM Group : des résultats T1 conformes aux attentes, le T2 semble bien débuter|Just East Takeway : Prosus lance une offre de rachat sur 100% du capital.|Teva : données positives de phase 2b pour le médicament divakitug, lancement de la phase 3 au S2 2025|Saipem: proposal to merge with Subsea7|

ODDO BHF Small & MIDCAP MORNING NEWS – 02/24/2025

JUST EAT TAKEWAY.COM : Bid with a 63% premium to Friday’s close

Benelux Morning Notes

Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises

Morning Notes : FAGR BB, PNL NA, RET BB, UMI BB, CTPNV NA, TKWY NA

: FAGR BB, PNL NA, RET BB, UMI BB, CTPNV NA, TKWY NA

Just Eat Takeaway JET and Prosus agree on € 20.3ps all cash offer for ...

This morning, Prosus and JET announced that they have agreed on a recommended all cash off for 100% of JET shares at a price € 20.30 ps, or the equivalent of € 4.1bn. The acquisition represents a 63% premium to Friday's closing price and 49% premium over the 3-month VWAP. Board members holding shares and CEO Jitse Groen, who represent 8.1% of the shares, have committed to tender their shares in the offer. Overall, we believe the offer makes sense as JET's EU market exposure is complementary to ...

Deliveroo: when speculative appeal knocks at your door

With Prosus acquiring Just Eat Takeaway (as detailed in our other note on Just Eat Takeaway), M&A activity in the European food delivery sector is set to pick up. While timing considerations of a potential Delivery Hero delisting by Prosus remain uncertain, we prefer to bet on a closer acquisit

Just Eat Takeaway: Prosus arrives as Santa Claus with a two-month dela...

With Prosus launching a generous EUR20.3/cash offer for JET with a 63% premium and little likelihood of a counter-bid or upgraded bid, we will recommend that shareholders tender to the offer in Q2. It remains unclear whether Prosus will be able to handle a delisting of JET and Delivery Hero at the

Delivery Hero: Southeast Asia remains an issue

The recent Momentum Works' annual Asian update showed a continuous market share loss across Southeast Asia for Delivery Hero, reviving debate about this underperforming and loss-making unit. We continue to believe that a sale at any price or even a pure exit would eventually be positive for Deliver