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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...

 PRESS RELEASE

DGAP-News: CECONOMY AG: Vollzug der Convergenta-Transaktion für Anfang...

DGAP-News: CECONOMY AG / Schlagwort(e): Kapitalmaßnahme/Hauptversammlung CECONOMY AG: Vollzug der Convergenta-Transaktion für Anfang Juni 2022 erwartet 17.05.2022 / 08:40 Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. CECONOMY erwartet Vollzug der Convergenta-Transaktion bereits Anfang Juni 2022 Beschlüsse der außerordentlichen Hauptversammlung und der gesonderten Versammlung der Vorzugsaktionäre am 12. April 2022 sind unanfechtbar. CECONOMY wird alleiniger Gesellschafter von MediaMarktSaturn – Convergenta wird Ankeraktionär von CECONOMY. ...

Clement Genelot
  • Clement Genelot

CECONOMY NEUTRAL | EUR5.5 Stronger-than-expected rebound in Q2, F...

º Q2 sales 6% above expectations with a 18% LfL Q2 adj. EBIT excl. associates broadly in line with expectations with a -1.2% margin FY 2022 guidance reiterated but several questions around the assumptions behind it

Andreas Riemann
  • Andreas Riemann

Ceconomy : Q2 better and outlook confirmed, but consumer spending and ...

>Q2 with clear recovery vs last year - In Q2 2022 (ending March) Ceconomy sales increased 18% y-o-y on a like-for-like basis to € 5,019m (cons: € 4,766m, ODDO BHF: € 4,588m). This was 5% above consensus expectations with all regions contributing but also driven by easy comps. Regions: DACH +23%, Western/Southern Europe +9%, Eastern Europe +34%. Channels: Offline sales recovered after store closures last year and in line with that also Services and Solutions sales (+5...

Emmanuel Matot
  • Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 04/14/2022

The worsening of several macroeconomic indicators in recent weeks leads us to reduce our EPS estimates and target prices by 6/9% for French midcaps industrial stocks and to better balance our ratings (Manitou, Nexans and Somfy lowered to Neutral, Rubis lowered to Underperform – Lisi and X-Fab removed from Convictions but Outperform maintained – Séché Environnement Top Pick). - ...

Emmanuel Matot
  • Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 14/04/2022

A l’image du prêt bail mis en place lors de la seconde guerre mondiale afin de fournir aux pays amis du matériel de guerre sans intervenir directement dans le conflit, les Etats-Unis se proposent de se substituer en grande partie aux importations de gaz russe. Le GNL, notamment américain, semble donc promis à de beaux jours avec toute une chaîne à construire. Dans ce cadre, nous privilégions Shell et Total Energies, les tubistes comme Vallourec ainsi que les acteurs de services pétrol...

Andreas Riemann
  • Andreas Riemann

Ceconomy : New shareholder structure approved, recovery in Q2, cautiou...

>Simplified shareholder structure to allow for synergies - During this week’s EGM, there was 98% approval for the acquisition of Convergenta's minority stake in MediaMarktSaturn by Cecocomy which is now the sole shareholder of MediaMarktSaturn. Consequently, Convergenta (Kellerhals family) will be the anchor shareholder of Ceconomy (c. 26% stake) and the transaction is expected to be completed in September 2022. The future shareholder structure will enable the use of ...

 PRESS RELEASE

DGAP-News: CECONOMY AG: EGM paves the way for successful further devel...

DGAP-News: CECONOMY AG / Key word(s): AGM/EGM/Corporate Action 12.04.2022 / 17:14 The issuer is solely responsible for the content of this announcement. Extraordinary General Meeting paves the way for successful further development of CECONOMY and MediaMarktSaturn / Simplified shareholder structure offers many advantages - 98.29% approval for capital measures for the acquisition of Convergenta's minority stake in MediaMarktSaturn by CECONOMY - CECONOMY to become sole shareholder of MediaMarktSaturn - Convergenta to become anchor shareholder of CECONOMY - "The simplificat...

 PRESS RELEASE

DGAP-News: CECONOMY AG: Außerordentliche HV ebnet den Weg für erfolgre...

DGAP-News: CECONOMY AG / Schlagwort(e): Hauptversammlung/Kapitalmaßnahme 12.04.2022 / 17:14 Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Extraordinary General Meeting paves the way for successful further development of CECONOMY and MediaMarktSaturn / Simplified shareholder structure offers many advantages - 98.29% approval for capital measures for the acquisition of Convergenta's minority stake in MediaMarktSaturn by CECONOMY - CECONOMY to become sole shareholder of MediaMarktSaturn - Convergenta to become anchor shareholder of CECONOMY - ...

Andreas Riemann
  • Andreas Riemann

Ceconomy : Q1 slightly below, hurt by lockdown measures and supply cha...

>Q1 2022 profits some 7% below consensus - Today, Ceconomy reported results for Q1 2022 (ending in December). Q1 sales decreased 7% y-o-y on a like-for-like basis to € 6,854m (cons: € 6,993m, ODDO BHF: € 6,959m), i.e. was 1-2% below consensus expectations and negatively affected by lockdown measures in Germany and Austria, supply chain disruptions and a cyberattack in November. Regions: DACH -11%, Western/Southern Europe -3%, Eastern Europe -3%. Channels: Offline was...

Clement Genelot
  • Clement Genelot

CECONOMY: Q1 sales and EBIT below expectations | NEUTRAL | EUR5.5

CECONOMY - NEUTRAL | EUR5.5 Q1 sales and EBIT below expectations Q1 sales 2% below expectations with a -6.8% LfL Q1 adj. EBIT excl. associates 7% below expectations with a 4% margin FY 2022 guidance reiterated

Florian Treisch ... (+4)
  • Florian Treisch
  • Nicolas David
  • Sylvain Goyon
  • CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/19/2022

We have updated our model of the 6-month trend in the equity risk premium (ERP) based on the momentum of 12m EPS, the rise in Bund yields and that of the PMI. By incorporating our expectations for 2022, our model shows an additional ERP easing potential of around 30bp. If our expectations, and in particular our macro growth and EPS expectations, turn out to be correct, this means that in the short term we should focus on those sectors that still harbour potential for an ERP contractio...

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