Credit Morning 12/19/2024

Afflelou: topflight first quarter, leverage below 5x|Fnac Darty: € 109m fine from France's competition authority, slightly higher than the provision.|Maxeda: a better Q3, € 13m bond buyback|Eutelsat Group: S&P cuts the corporate rating to B-/stable from B-/stable|Atos compltes its financial restructuring, S&P raises the corporate rating to B-/stable from SD|

Morning Crédit 19/12/2024

Afflelou : un très bon premier trimestre, levier en-dessous de 5x|Fnac Darty : amende de 109 m EUR de l’Autorité de la concurrence, un peu supérieure à la provision|Maxeda : un meilleur T3, rachat de 13 m EUR d’obligations|Eutelsat Group : S&P degrade le rating corporate de B/stable à B-/stable|Atos finalise sa restructuration financière, S&P relève le rating corporate de SD à B-/stable|

ODDO BHF Small & MIDCAP MORNING NEWS – 12/11/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 11/12/2024

Allfunds Group Plc : Business model facing uphill battle amid passive ...

Allfunds’ active fund distribution model is facing growing pressure from the rise of passive investments and private capital. While the company is diversifying into alternatives and active ETF distribution, these efforts are not game-changers and are unlikely to lead to a materially improved outlook in terms of AuA growth. With structural risks in the core business and lack of strong organic growth, we downgrade the stock to Underperform.

ODDO BHF Small & MIDCAP MORNING NEWS – 12/10/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 10/12/2024

Casino : Still too early to revisit the stock amid hefty debt, despite...

Casino unveiled a new 2028 strategic plan at a time when financial resources remain strained. Even if the group were to see its plan through (perfect execution scenario, steady underlying market), the debt burden would still be too heavy to justify a rerating. We believe a new restructuring program and/or capital increase would be needed to slash the group's debt and bring it back into line with market financial standards. We are leaving our target price unchanged at € 0.05 and maintaining our U...

Casino : Toujours trop tôt malgré le plan stratégique 2028, le groupe ...

Dans un contexte de contraintes financières, Casino a annoncé un plan stratégique à 2028. Même si le groupe parvenait à le réaliser (exécution parfaite et marché sous-jacent stable), il resterait trop endetté pour un rerating. Nous estimons qu’une nouvelle restructuration et/ou augmentation de capital seront nécessaires pour le remettre dans les standards financiers du marché. OC à 0.05 € et recommandation Sous-performance maintenus.

DEUTZ AG : Continues to do reasonable bolt-on M&A deals to strengthen ...

On the shelves now: Consumer Weekly #51

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 new record high reached by online shopping during the Cyber Week 2024.

Credit Morning 12/04/2024

Orano a perdu le contrôle opérationnel de la SOMAIR au Niger|Casino Group sells €77m of real estate assets to Groupement Les Mousquetaires|Auchan completes the sale of a 47% stake in its Hungarian subsidiary.|Flos B&B Italia increases issuance size to exercise 103% call on 10% of the 2028 senior secured notes|Iliad: exclusive talks with InfraVia to sell 50% of Opcore at an EV of € 860m|

Morning Crédit 04/12/2024

Casino cède 77 m EUR d’actifs immobiliers au Groupement Les Mousquetaires|Auchan finalise la cession de 47% de sa filiale en Hongrie|Flos B&B Italia augmente la taille de son émission pour exercer le call à 103% sur 10% de l’encours de la souche 2028|Iliad : discussions exclusives avec InfraVia pour céder 50% d’Opcore à une VE de 860 m EUR|

Allfunds Group Plc/sUBScription cancelled/BUY

Following the unilateral cancellation by UBS of the former Credit Suisse contract with Allfunds, we have updated our forecasts for Allfunds. A faster-than-expected pace of AuA recovery in 9M24 offsets some of the loss from the former CS contract but our 2025 EPS forecast is reduced by 9%. Despite the forecast reduction, Allfunds continues to trade at an excessive discount to its peers and we maintain our 12-month target price of €7.30 and our BUY recommendation.

On the shelves now: Consumer Weekly #50

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 Deloitte and NRF's predictions for the 2024 holiday shopping season, expec

Credit Morning 12/02/2024

ELO (Auchan): Decathlon is to pay € 1bn in dividends|Mahle reorganizes its structure and plans to introduce its Indian activities|Altarea monetizes several logistics assets|Bertrand Franchise : slower growth in Q3 24, impacted by a weaker-than-expected JO effect, in a more difficult economic environment in France|

Morning Crédit 02/12/2024

ELO (Auchan) : Decathlon va verser 1 md EUR de dividendes à ses actionnaires|Mahle réorganise sa structure et envisagerait d’introduire ses activités indiennes|Altarea monétise plusieurs actifs logistiques|Bertrand Franchise : tassement de la croissance au T3 24, impacté par un effet JO moins fort que prévu, dans un contexte économique plus difficile en France.|

Credit Morning 11/29/2024

Emeria Q3 2024 call: promises, more promises? / Q3 24: Extremely weak earnings print, leverage based on reported EBITDA up by 0.9x qoq / Kiloutou reported good results in Q3 24 and its financial position remains stable|

Morning Crédit 29/11/2024

Emeria call T3 2024 : des promesses, encore des promesses ? / Q3 24: Extremely weak earnings print, leverage based on reported EBITDA up by 0.9x qoq / Kiloutou a publié de bons résultats au T3 24 et sa situation financière reste stable|

On the shelves now: Consumer Weekly #49

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 Q3 earnings season across consumer segments with a comparison between