FIANCIERE MONCEY : COMMUNIQUÉ RELATIF AU DÉPÔT DU PROJET DE NOTE EN RÉPONSE AU PROJET D’OFFRE PUBLIQUE DE RETRAIT SUIVIE D’UN RETRAIT OBLIGATOIRE VISANT LES ACTIONS DE LA SOCIÉTÉ COMMUNIQUÉ DE PRESSE DU 10 OCTOBRE 2024 RELATIF AU DÉPÔT DU PROJET DE NOTE EN RÉPONSE AU PROJET D’OFFRE PUBLIQUE DE RETRAIT SUIVIE D’UN RETRAIT OBLIGATOIRE VISANT LES ACTIONS DE LA SOCIÉTÉ FIANCIERE MONCEY INITIÉE PAR BOLLORÉ AMF AUTORITÉ DES MARCHÉS FINANCIERS Le présent communiqué est diffusé en application des dispositions de l’article 231-26 II du règlement général de l’Autorité des marchés finan...
Hermès International: Shares and voting rights as of 30th September 2024 RELEASE Paris, October 9, 2024 INFORMATION RELATING TO THE TOTAL NUMBER OF VOTING RIGHTS AND SHARES COMPRISING THE SHARE CAPITAL In accordance with the provisions of Article L. 233-8 of the French Commercial Code (Code de commerce) and Article 223-16 of the General Regulations of French Autorité des Marchés Financiers (AMF), Hermès international publishes each month, before the 15th day of the following month, the total number of voting rights and the number of shares comprising the share capital if they have varied ...
Hermès International : Actions et droits de vote au 30 septembre 2024 COMMUNIQUÉ Paris, le 9 octobre 2024 INFORMATIONS RELATIVES AU NOMBRE TOTAL DE DROITS DE VOTE ET D’ACTIONS COMPOSANT LE CAPITAL SOCIAL Conformément aux dispositions de l’article L. 233-8 du Code de commerce et de l’article 223-16 du Règlement Général de l’Autorité des Marchés Financiers (AMF), Hermès international publie chaque mois, avant le 15 du mois suivant, le nombre total de droits de vote et le nombre d’actions composant le capital social s’ils ont variés par rapport à ceux publiées antérieurement.DateNombre d’act...
The long financial duration that Cellnex enjoys implies high sensitivity of the valuation to discount rates. After a long challenging two-year period, we now see a more favourable economic environment ahead. Factors such as the potential for interest rate cuts and inflation nearing Cellnex’s sweet spot, coupled with a strong organic performance and newly implemented strategic measures—particularly deleveraging and further efficiencies on both Opex and Capex—create a positive backdrop....
The long financial duration that Cellnex enjoys implies high sensitivity of the valuation to discount rates. After a long challenging two-year period, we now see a more favourable economic environment ahead. Factors such as the potential for interest rate cuts and inflation nearing Cellnex’s sweet spot, coupled with a strong organic performance and newly implemented strategic measures—particularly deleveraging and further efficiencies on both Opex and Capex—create a positive backdrop....
>Growth set to improve sequentially, but higher costs should dent EBIT - Last week, Puma published its aide memoire with statements related to FY 2024 and Q3 2024 (due on 6 November). We forecast sales growth of 1% y-o-y to € 2.3bn which reflects a 4% increase at constant currency (company guidance is for mid-single digit growth and the consensus is currently at 5%) and forex headwinds of 3%. This implies an acceleration in growth vs Q2 2024 (up 2%) and reflects an i...
>Topic of the week: around the world in a few lines - Ahead of the Q3 results season, we review the most recent evidence on luxury trends by geography, focusing on what has happened over the summer and how the coming winter season looks at this point. First things first, China; this is the place where the message is probably the most similar across luxury groups: persistent low traffic over the summer is set to result in a visible y-o-y decline in sales over Q3 (we ha...
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
>Topic of the week: around the world in a few lines - Ahead of the Q3 results season, we review the most recent evidence on luxury trends by geography, focusing on what has happened over the summer and how the coming winter season looks at this point. First things first, China; this is the place where the message is probably the most similar across luxury groups: persistent low traffic over the summer is set to result in a visible y-o-y decline in sales over Q3 (we ha...
HERZOGENAURACH, Allemagne--(BUSINESS WIRE)-- En réponse à la demande croissante des consommateurs pour plus de transparence de la part du secteur de la mode, PUMA lance #KnowYourStuff, une série de contenus pédagogiques qui creuse l'un des sujets de la mode les plus débattus aujourd'hui, le cuir contre le cuir végétal, ainsi que l'impact environnemental de chacun d'eux. Ce communiqué de presse contient des éléments multimédias. Voir le communiqué complet ici : Created in collaboration with Aishwarya Sharma, one of PUMA’s ‘Voices of a RE:GENERATION’ and Global Goals Ambassador, #KnowYourStuff t...
HERZOGENAURACH, Germany--(BUSINESS WIRE)-- In response to growing consumer demand for greater transparency from the fashion industry, PUMA launches #KnowYourStuff, an educational content series which delves into one of today’s most debated fashion topics - leather vs vegan leather – and the environmental impact of both. This press release features multimedia. View the full release here: Created in collaboration with Aishwarya Sharma, one of PUMA’s ‘Voices of a RE:GENERATION’ and Global Goals Ambassador, #KnowYourStuff translates the complexities and progressions around the use of leather and i...
Although most stocks in our luxury sample rebounded last week following the launch of a stimulus "bazooka" by the Chinese authorities, we expect no material improvement in China's consumption or household confidence in the near term. As such, we would not be surprised if the Chinese government were
A director at Hermes International bought 1,200 shares at 2,052.270EUR 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 yea...
Like Astérix in the album of the same name, Michel Barnier has a cauldron to fill. Two measures to manage this have “leaked” in the press in the last few days: a reduction in the CIR research tax credit and an exceptional tax increase on large companies. We measured the sensitivity to these two measures of the 90 and 80 companies most concerned in our coverage universe. 20 companies have a CIR >5% of their EBIT and 22 companies would see their EPS fall by more than 5% due to the addit...
Comme Astérix dans l’album éponyme, Barnier a un chaudron à remplir. Deux mesures pour y parvenir ont « fuité » ces derniers jours dans la presse : rabotage du CIR (Crédit d’impôt Recherche) et hausse « exceptionnelle » de l’impôt des sociétés sur les grands groupes. Nous avons mesuré la sensibilité des 90 et 80 sociétés les plus concernées dans notre univers de couverture à ces deux mesures. 20 sociétés ont un CIR > 5% de leur EBIT et 22 sociétés verraient leurs BPA baisser de plus d...
>Retail tough, wholesale ok, EBIT margin down >100bp - Hugo Boss will report results for Q3 2024 on 5 November. We forecast sales to remain flat at € 1bn. We therefore assume no major recovery after a difficult Q2. Retail should be down 1% as we don’t expect a material improvement in China, the UK or other markets. Wholesale (up 4%) should be growing similarly to what we saw in Q2, while growth in digital should remain in negative territory (down 2%). In terms regions...
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