reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #41
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 endless reshuffling of European purchasing alliances among food retai
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #39
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 discuss the Fed's upcoming meeting and rate cut. Happy reading!
- Cedric Rossi
Inditex: strong momentum keeps rolling
Among the four main pillars of its "To the Next Level" strategy, initiatives around Customer Experience (e.g.: store optimisation, roll-out of Zara Streaming Experience, etc.) are delivering the most visible results at both the sales and profit levels. They also support our scenario for profitable
- Cedric Rossi
Inditex: sound Q2 results and current trading
Despite adverse weather conditions during the summer, Inditex has unveiled strong Q2 results this morning with: double-digit FX-n sales growth for the 14th consecutive quarter (+10%) and a solid 100bp-improvement in EBIT margin to 19.2% (CSSe: 18.9%). This momentum has not waned with sales between
- Cedric Rossi
Fashion: sweet or sour Back-to-School?
While publications of US retailers this week (e.g.: Gap, Abercrombie & Fitch, lululemon, etc) should give the market a clearer view of the US consumer mood, the European consumer mindset is set to be reflected in H&M and Inditex's publications next month. As expected, the summer has been no
- Clement Genelot
Deliveroo: improving profile, but still limited upside
Post-Q2 publication, we have lifted our PT from 122p to 140p to reflect better EBITDA margin development and the GBP150m share buyback. In spite of improving growth / profitability / FCF profile, it is still too early to value Deliveroo as a traditional restaurant as FY 2025-26 sales growth and EBI
- Clement Genelot
Deliveroo: EBITDA overdelivers and GBP150m buyback
Deliveroo disappointed on sales in Q2 due to lower take rate in the UK & Ireland, reflecting higher investments to reboost demand and to retake market share recently lost to Just Eat. But the group's ability to overdeliver on EBITDA might prompt some consensus upgrades on top of a new GBP150m s
- Cedric Rossi
Fashion: will plans to impose duties on cheap goods disrupt Shein and ...
The very competitive prices offered by Shein and Temu stem from their ability to take advantage of tax loopholes allowing parcels to be shipped without having to pay duties and taxes as long as they are under a certain value. As the EU Commission is moving to scrap the EU's EUR150 import tax loopho
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #35
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 political uncertainty that is clearly set to drive stock markets unti
- Cedric Rossi
Fashion: consumers backpedaling on sustainability due to inflation
In our recent Fashion report "Is sustainability the new luxury?", we were highlighting the green consumer paradox vis-a-vis sustainable brands. A McKinsey survey just discovered that consumers are indeed de-emphasising the importance of ESG in their purchases in an inflation-impacted world. This wo
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #32
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 take a fresher look at the (still ongoing) Red Sea freight crisis. Happy reading!
- Cedric Rossi
Inditex: defying gravity
In our sector update last week, we highlighted that it was becoming hard for ITX to beat the CSS which has been revising estimates upwards over the past two years. And yet, ITX unveiled a good set of Q1 numbers yesterday, marked by a 13th consecutive quarter of double-digit FX-n sales growth, and,
- Cedric Rossi
Fashion: a wet spring but blooming publications
Despite a wetter-than-average spring season over a large part of Europe, key European fashion markets have shown some resilience over recent months, partly thanks to a gradual improvement in European consumer sentiment. Inditex is due to report Q1 results (February-April) on 5th June, followed by H
- Cedric Rossi
Fashion: Is sustainability the new luxury?
The bankruptcy of circular fashion startup Renewcell combined with the stellar success of Chinese platforms Shein and Temu have highlighted the green consumer paradox: consumers say they want sustainable clothing, but the majority are not tending to buy them, especially at a time when cost-of-livin
- Clement Genelot
Food Delivery: diverging growth/FCF profiles
Post TKWY and ROO's Q1 figures and ahead of DHER's publication, we note an improving growth trend in Q1. This growth will nevertheless have to rebalance towards orders as out-of-home food is also set to face disinflation this year. The ability to recreate HSD% growth will be the name of the 2024-25
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #23
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 recovery in global passenger air traffic. Happy reading!
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #21
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 expected growth recovery among e-commerce players and the necessary b
- Clement Genelot
Deliveroo: improving but back-end loaded growth/FCF profile
Post-FY publication, we have lifted our PT from 115p to 120p and remain at Neutral despite an improving growth/profitability/FCF profile. Short-term momentum remains hampered by: 1/ no real consensus upgrades in the pipeline, 2/ no additional shareholder return, 3/ back-end loaded FY 2024 guidance,
- Cedric Rossi
Inditex: no time for rest to reach "The next level"
Beyond the 28% increase in FY23 dividend and robust current trading that fuelled yesterday's positive market reaction, we feel that investors also welcomed Inditex's strategic initiatives to further enhance customer experience and supply chain capabilities by 2026. These investments are set to mate
- Cedric Rossi
Inditex: solid FY23 results but increasingly hard to satisfy a demandi...
For the third year in a row, Inditex achieved double-digit FX-n sales growth with +14.1% in FY23 and EBIT margin up 200bp to 18.9%, the highest profitability level since 2012. Although some investors could be slightly disappointed by the modest margin miss in Q4 (-1% vs. CSSe), especially after the
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