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Andreas Riemann
  • Andreas Riemann

Ceconomy : Q4 2022 prelims better than feared

>All regions are growing in Q4 except for DACH - In Q4 2022 (ending September), sales increased 4% y-o-y on a like-for-like basis to € 5.24bn (consensus: € 4.87bn, ODDO BHFe: € 5.16bn) and were thus 8% above the consensus driven by West/South Europe (up 5%) and East Europe while DACH sales (down 2%) decreased. Other highlights: Online sales grew 6% and Services and Solutions was up 23%. Adjusted EBIT came in at € 98m (consensus: € 74m, ODDO BHFe: € 92m), i.e. 30% abov...

 PRESS RELEASE

EQS-News: CECONOMY AG: Geschäftsjahr 2021/22 - Umsatz über Vorjahr, be...

EQS-News: CECONOMY AG / Schlagwort(e): Umsatzentwicklung CECONOMY AG: Geschäftsjahr 2021/22 - Umsatz über Vorjahr, bereinigtes EBIT im oberen Bereich der Prognose (News mit Zusatzmaterial) 26.10.2022 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Geschäftsjahr 2021/22: Umsatz über Vorjahr, bereinigtes EBIT im oberen Bereich der Prognose Düsseldorf, 26. Oktober 2022 Gesamtumsatz 2021/22 gegenüber Vorjahr um 3,2%1 auf 21,8 Mrd. € gestiegen – damit oberhalb der Prognose; robuste Entwicklung mit einem starken Wachstum im Geschä...

 PRESS RELEASE

EQS-News: CECONOMY AG: FY 2021/22 - Sales above previous year, adjuste...

EQS-News: CECONOMY AG / Key word(s): Development of Sales CECONOMY AG: FY 2021/22 - Sales above previous year, adjusted EBIT in the upper range of the guidance (news with additional features) 26.10.2022 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. FY 2021/22: Sales above previous year, adjusted EBIT in the upper range of the Guidance Düsseldorf, 26 October 2022 Total sales in FY 2021/22 grew by +3.2%1 on previous year to €21.8 bn and exceed FY guidance; robust development well supported by strong growth in Services & Solutions b...

Andreas Riemann
  • Andreas Riemann

Ceconomy : Q4 due 26 October – Not as bad as feared, but recovery in 2...

>Q4 2022 not as bad feared, EBIT to surprise positively - Ceconomy will report Q4 2022 results on 26 October. We forecast sales to be flat in Q4 with organic growth of roughly 2%. This implies decelerating momentum compared with Q3 (sales up 7%) particularly in the DACH and West/South Europe regions. However, the slowdown was not as bad as feared following the company’s sales and profit warning in July this year. Adjusted EBIT should amount to € 92m, implying a margi...

Ceconomy AG: 1 director

A director at Ceconomy AG bought 700,004 shares at 1.553EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

Clement Genelot
  • Clement Genelot

Specialized Retailing: Not out of the woods yet

Specialized Retailing Not out of the woods yet Three months after our last report on specialised retailing during which we downgraded the majority of our coverage, we reiterate our cautious stance on the sector. The first wave of profit warnings seen this summer and the recent derating should not overshadow the fresh wave of estimates cuts on the cards, prompted by a continuous deterioration in consumption, the energy shock and revived wage inflation in Europe. Our recommendation hierarchy rema...

Isabel Carballo
  • Isabel Carballo

ODDO BHF Small & MIDCAP MORNING NEWS - 07/22/2022

EDP is the last-remaining conventional energy group to have its wind and solar subsidiary, EDP Renovaveis, listed separately, but also to have a key shareholder from outside Europe, namely the China Three Gorges (CTG) group. We have long believed that unifying the entities would address the share arbitrage question between both stocks as well as the governance issue vis-à-vis CTG. But a reverse takeover between EDP Renovaveis and EDP would not completely deal with the two aspects. We ...

Isabel Carballo
  • Isabel Carballo

ODDO BHF Small & MIDCAP MORNING NEWS - 22/07/2022

Le groupe EDP est le dernier énergéticien conventionnel à avoir sa filiale d’éolien et solaire, EDP Renovaveis, cotée séparément, mais aussi un actionnaire de référence non européen, le groupe chinois China Three Gorges (CTG). Nous considérons depuis longtemps qu’une unification des structures permettrait de résoudre la problématique de l’arbitrage entre les deux titres et la gouvernance vis-à-vis de CTG. Toutefois, l’idée évoquée d’une fusion inversée entre EDP Renovaveis et EDP ne p...

Cedric Rossi
  • Cedric Rossi

CECONOMY: Deteriorating consumption and fewer back-margins prompt prof...

CECONOMY - SELL | EUR2 VS. EUR3 (-23%) Deteriorating consumption and fewer back-margins prompt profit warning Ceconomy has cut its FY guidance to reflect a rapidly deteriorating consumer environment in Central and Eastern Europe. With consensus 42% above the new guidance for 2022 and still set to cut its 2023 estimates after the FY results in December while many other dark clouds are gathering, we reiterate our Sell rating with a new TP of EUR2.

Andreas Riemann
  • Andreas Riemann

Ceconomy : Weak Q3 profits and guidance cut

>Lower consumer demand in the DACH region - Ceconomy pre-released weak Q3 2021-22 earnings (ending in June): Sales rose 6% adjusted for currency and portfolio effects to € 4.6bn (consensus: € 4.4bn, ODDO BHFe: € 4.5bn), i.e. was a notch above. Due to dampened consumer sentiment, sales momentum slowed down noticeably in the course of the quarter. Adjusted EBIT decreased to -€ 109m (consensus: -€ 35m, ODDO BHFe: -€ 87m) and was materially below the consensus which we b...

Clement Genelot
  • Clement Genelot

Specialised Retailing No Safe Haven in the Hell of Inflation

Specialised Retailing In this Insight, we analyse the underlying reasons for the profit warnings issued by a number of US retail giants in May. These indicate that consumer spending arbitrage could be triggered in Europe as early as during H2 2022. With FY 2022 guidance clearly not pricing in these elements, we are increasingly more cautious on specialised retailing, with our estimates now below consensus figures for all stocks in 2022 and especially 2023.

Emmanuel Matot ... (+2)
  • Emmanuel Matot
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 05/31/2022

In FY20 wood pallets accounted for 94% of global pallet consumption (€ 78bn). In our view, increasingly complex supply chains and the demand for more sustainable solutions will increase the adoption of plastic pallets, particularly in light of the superior product properties of plastic compared with wood. In this context, Cabka is likely to emerge as a leader due to its best-in-class recycling know-how, blue-chip customer base and established product innovation skills. Cabka’s strong ...

Emmanuel Matot ... (+2)
  • Emmanuel Matot
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 31/05/2022

In FY20 wood pallets accounted for 94% of global pallet consumption (€ 78bn). In our view, increasingly complex supply chains and the demand for more sustainable solutions will increase the adoption of plastic pallets, particularly in light of the superior product properties of plastic compared with wood. In this context, Cabka is likely to emerge as a leader due to its best-in-class recycling know-how, blue-chip customer base and established product innovation skills. Cabka’s strong ...

Andreas Riemann
  • Andreas Riemann

Ceconomy : Roadshow feedback – the focus is on improving profitability

>Narrowing the margin gap to peers in the mid term? - We hosted a virtual roadshow with Ceconomy’s CEO Dr. Karsten Wildberger and international investors. The most relevant messages were that: 1/ price increases are expected to protect profitability while visibility related to product availability remains limited; 2/ there is still material scope to improve operating margins; 3/ the Convergenta transaction is complete and should allow for faster decision making as wel...

 PRESS RELEASE

DGAP-News: CECONOMY AG: Closing of transaction with Convergenta expect...

DGAP-News: CECONOMY AG / Key word(s): Corporate Action/AGM/EGM CECONOMY AG: Closing of transaction with Convergenta expected for early June 2022 17.05.2022 / 08:40 The issuer is solely responsible for the content of this announcement. CECONOMY expects closing of transaction with Convergenta already at the beginning of June 2022 Resolutions of the Extraordinary General Meeting and the separate meeting of the holders of preference shares on 12 April 2022 are unchallengeable. CECONOMY will become sole shareholder of MediaMarktSaturn - Convergenta will in turn become ancho...

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