reports
- Jean Danjou
ODDO : August watch exports surprisingly up, looks like a misleading s...
>August exports show a growth rebound mainly driven by luxury watches - Strange things can happen in August: watch exports are growing even faster than in July at +6.9% y-o-y versus +1.8% the month before (the year-to-date growth remains negative at -1.4%) but this is entirely driven by 14.9% growth in the luxury segment, mainly fuelled by watches incorporating precious metals, according to Fédération Horlogère. The other categories show a significant decline fo...
- Jean Danjou
ODDO : August watch exports surprisingly up, looks like a misleading s...
>August exports show a growth rebound mainly driven by luxury watches - Strange things can happen in August: watch exports are growing even faster than in July at +6.9% y-o-y versus +1.8% the month before (the year-to-date growth remains negative at -1.4%) but this is entirely driven by 14.9% growth in the luxury segment, mainly fuelled by watches incorporating precious metals, according to Fédération Horlogère. The other categories show a significant decline fo...
- Emira Sagaama
- Stefano Toffano
- Emira Sagaama
- Stefano Toffano
- Arnaud Autier
- Pierre Tegner
Campari : Un départ prématuré du CEO qui questionne. Une nouvelle équi...
>Sous-performance maintenue avec un OC ajusté à 6.5 € vs 7.0 € auparavant - Nous réitérons notre opinion à Sous performance sur Campari. Les performances du groupe se normalisent en EMEA (un peu moins de 50% du CA groupe) et aux US (un peu moins de 30%) laissant envisager des ajustements baissiers du consensus. En outre le départ du CEO annoncé hier matin pose la question de savoir s’il n’y a pas divergence de point de vue sur la capacité à faire poursuivre les acquis...
- Arnaud Autier
- Pierre Tegner
Campari : Premature departure of CEO raises questions. A standout team...
>Underperform rating maintained with a target adjusted to € 6.5 vs € 7.0 before - We maintain our Underperform rating on Campari. The group’s performances are normalising in EMEA (a little under 50% of total revenues) and in the US (a little less than 30%), implying potential consensus downgrades. Moreover, the CEO departure announced yesterday morning raises the issue of potential differences of opinion on the group’s capacity to continue acquisitions while also addr...
- Stephane Beyazian
Deutsche Telekom : More limited shareholder returns at T-Mobile US in ...
>Rating downgraded before the October CMD and the group’s fibre plan for Germany - We have downgraded our rating to Neutral: (i) with the share price having achieved our adjusted target price of € 27 (due to the increase in the TMUS share price over the past two months); (ii) T-Mobile US has announced a still good, albeit more modest, shareholder returns than hoped which could mean that at its CMD in October Deutsche Telekom could also announce shareholder returns tha...
- Stefano Toffano
Allegro : Good results pave the way for accelerated investments for gr...
>Continued solid margin expansion - Allegro reported relatively strong Q2 24 results, with overall results roughly reflecting the quarterly guidance. Active Buyers and GMV/Active Buyer metrics continue to increase, contributing to solid yoy group revenue growth (+24% yoy for the Polish operations). Advertising revenue in Poland showed another quarter of good growth (+30% yoy), and is expected to continue to be supportive of group revenues. Overall, Q2 24 revenues were...
- Research Team
WOOD Daily: CZG CP; PGSUS TI; ALE PW; ECH PW; APR PW; HSBK LI
HEADLINES: • Colt CZ Group SE: full metal jacket (stays BUY) • Pegasus Airlines: another good year (stays HOLD) • Allegro: 2Q24 above expectations, but growth deceleration guided for 3Q24E NEUTRAL • Echo Investment: 2Q24 ahead of PAP consensus expectations • Auto Partner: key takeaways from the 2Q24 earnings call NEUTRAL • Halyk Bank: announces programme to buy back up to USD 50m of its GDRs
- Stephane Beyazian
Deutsche Telekom : T-Mobile US ne retournera plus autant ; opinion aba...
>Opinion abaissée à Neutre avant le CMD d’octobre et son plan fibre pour l’Allemagne - Nous abaissons notre opinion à Neutre : 1/ le cours ayant désormais atteint notre objectif de cours ajusté à 27 € (en raison de la hausse du cours TMUS ces deux derniers mois); 2/ T-Mobile US a annoncé un retour actionnarial toujours bon mais plus modeste qu’espéré, ce qui pourrait aboutir à ce que Deutsche Telekom annonce aussi lors du CMD d’octobre de retourner moins que les atten...
- Fehmi Ben Naamane
- Johanna Jourdain
Accor : RevPAR France at +28% in August, lifted by Olympics. Demand ho...
>RevPAR France at +28% in August, lifted by Paris Olympics - RevPAR France saw growth of 27.5% in August 2024, according to preliminary data from MKG, with an increase of 1.7pt in occupancy rates and +24% for prices, and after RevPAR growth of +9.2% in July. By region, y-o-y RevPAR growth was driven, unsurprisingly, by the Paris Olympics, with RevPAR up +59% on the month (+60% of price growth) and the Paris region also benefiting (RevPAR growth at +90%). The regions a...
- Jean Danjou
Kering : Marked deterioration in the environment, further significant ...
>Tougher context in Asia with Gucci and Saint Laurent at bottom of the wave: H2 revenues est. at -11% (-5% before), 2025 revenues at +3.5% est. (+6.2% before) - The group gave no precise new information on business trends in Q3 but recalled that the start of the quarter had been less favorable than the performance reported for Q2 (Gucci revenues at -19% y-o-y cc, group revenues at -11%) and that the macroeconomic environment deteriorated in China over the summer while...
- Jean Danjou
Kering : Dégradation sensible de l’environnement, encore un ajustement...
>Environnement plus difficile en Asie avec Gucci et Saint Laurent au creux de la vague : CA S2 attendu à -11% (-5% préc.), CA 2025 à +3.5% (+6.2% préc.) - Le groupe ne donne pas d’informations précises nouvelles sur la marche de ses affaires au T3 mais rappelle que le début du trimestre avait montré une tendance encore moins favorable que celle publiée pour le T2 (CA Gucci à -19% y/y tcc, CA groupe à -11%) et que l’environnement macro-économique s’est dégradé en Chine...
- Research Department
INFORME DIARIO 19 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, TELEFÓNICA. EUROPA: BASF, DEUTSCHE TELEKOM, UNICREDIT. Finalmente la Fed se decanta por los 50 puntos de recorte Sesión de transición con leves caídas en las bolsas europeas, que cortó la racha alcista en el Ibex que le llevó a renovar máximos de 2015. Así, en el STOXX 600 tan sólo Autos y Energía esquivaron las caídas que estuvieron lideradas por Media, Alimentación y B. de Consumo. Por el lado macro, en la Eurozona la inflación mensual...
- Fehmi Ben Naamane
- Johanna Jourdain
Accor : RevPAR France à +28% en août portés les JO. Pas d’essoufflemen...
>RevPAR France à +28% en août, portés par les Jeux Olympiques de Paris - Les RevPAR France sont en progression y-o-y de 27.5% en août 2024 selon les données préliminaires de MKG, dont une hausse de 1.7 pt des taux d’occupation et de 24% pour les prix, et après des RevPAR en hausse de 9.2% en juillet. Par région, la hausse y-o-y des RevPAR est tirée, sans surprise, par l’organisation des Jeux Olympiques à Paris, dont les RevPAR ont augmenté de 59% sur le mois (dont 60%...
- James Ratzer
Deutsche Telekom (Buy, €36, +36%) After TMUS, what's coming at its o...
T-Mobile’s CMD has just wrapped up – and earlier my colleague Jonathan put out a couple of notes running through the new guidance and some more detailed thoughts on the fundamentals. In this note, we increase our DT target to €36/ share and now review the implications from T-Mobile's CMD for DT and what this could mean for their own CMD on 10/ 11 October.
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/09/2024
La prochaine acquisition de Campari pourrait être en Inde et intervenir rapidement, selon nous. Rapidement d’abord pour que le groupe puisse pleinement profiter du dynamisme de ce marché. Rapidement ensuite pour se prémunir du ralentissement actuel des liqueurs et apéritifs (L&A) en Europe, segment dont il est historiquement très dépendant. Malgré l’intérêt stratégique du marché indien, une telle opération de M&A pourrait se révéler risquée en s’ajoutant aux multiples défis opérationn...
DGE DIAGEO PLC
MTX MTU AERO ENGINES AG
RI PERNOD RICARD SA
HO THALES SA
RCO REMY COINTREAU SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
PHIA KONINKLIJKE PHILIPS N.V.
FII LISI SA
ISP INTESA SANPAOLO S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
BOL BOLLORE SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
SKF B SKF AB CLASS B
LDO LEONARDO SPA
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
AERO MONTANA AEROSPACE AG
UMG UNIVERSAL MUSIC GROUP NV
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
LAT LATECOERE
R3NK RENK GROUP AG
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/18/2024
Campari’s next acquisition might be in India and could materialise quickly, in our view. Speed is of the essence: first so that the group can take full advantage of the dynamic growth of this market; and second to guard against the current slowdown in liqueurs and aperitifs (L&A) in Europe, a segment on which it has historically been very reliant. Despite the strategic value that the Indian market offers, such an M&A deal could prove risky by adding to the multiple operational challen...
DGE DIAGEO PLC
MTX MTU AERO ENGINES AG
RI PERNOD RICARD SA
HO THALES SA
RCO REMY COINTREAU SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
PHIA KONINKLIJKE PHILIPS N.V.
FII LISI SA
ISP INTESA SANPAOLO S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
BOL BOLLORE SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
SKF B SKF AB CLASS B
LDO LEONARDO SPA
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
AERO MONTANA AEROSPACE AG
UMG UNIVERSAL MUSIC GROUP NV
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
LAT LATECOERE
R3NK RENK GROUP AG
- Arnaud Autier
- Pierre Tegner
Campari : CEO resignation
>CEO resigns due to personal reasons; Robert Kunze-Conzewitz to lead the transition period - Key points from the press release:Appointment of Paolo Marchesini and Fabio di Fede as interim co-CEOs.The resignation of Matteo Fantachiotti is due to personal reasons.Establishment of Leadership Transition Committee chaired by Robert Kunze-Conzewitz, the historical CEO of the group.Diversification through M&A will remain at the heart of the strate...
- Arnaud Autier
- Pierre Tegner
Campari : CEO resignation
>CEO resigns due to personal reasons; Robert Kunze-Conzewitz to lead the transition period - Key points from the press release:Appointment of Paolo Marchesini and Fabio di Fede as interim co-CEOs.The resignation of Matteo Fantachiotti is due to personal reasons.Establishment of Leadership Transition Committee chaired by Robert Kunze-Conzewitz, the historical CEO of the group.Diversification through M&A will remain at the heart of the strate...
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