ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/12/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/12/2024

Zalando: strengthening its B2B ecosystem with About You acquisition

Zalando surprised with its acquisition of About You. The deal may seem somewhat expensive at 0.65x EV/Sales and defensive on the B2C side, but it is strategically wise on the B2B front as it will remove an emerging competitor and complements Zalando's ZEOS offering. We see the deal as accretive fro

Zalando : Zalando to acquire About You

Credit Morning 12/11/2024

Zalando launches takeover bid for About You|Moody’s downgrades Cheplapharm to B3/Stable|

Morning Crédit 11/12/2024

Zalando lance une offre de rachat sur About You|Moody’s downgrades Cheplapharm to B3/Stable|

Zalando: On track, constant execution needed to continue rerating

Post-FY guidance upgrade and the full Q3 release, we still believe in Zalando's ability to further accelerate growth in 2025 and have notched up our estimates and our PT from EUR36 to EUR37. We no longer see Zalando as an e-commerce growth story, but more as a business model optimisation/show-me st

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024

European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024

Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...

Credit Morning 11/05/2024

Carrefour said to be mulling several options to increase valuation (Bloomberg) Schaeffler Q3 24 results: Steep earnings decline and new cost optimisation program Auchan Retail reportedly plans to cut between 2,100 and 2,300 jobs>...

Morning Crédit 05/11/2024

Auchan Retail prévoirait la suppression de 2 100 à 2 300 postes Carrefour étudierait plusieurs options pour augmenter sa valorisation (Bloomberg) Schaeffler Q3 24 results: Steep earnings decline and new cost optimisation program>...

Zalando : Q3 in line with prelims, FY outlook confirmed

>Some 8% GMV growth and 290bp margin improvement in Q3 - In Q3, GMV was up 8% y-o-y to € 3.46bn (prelim € 3.5bn). Sales increased 5% to € 2.39bn (prelim: € 2.4bn). Revenue growth by segment: B2C +4%, B2B +11%. Adjusted EBIT came in at € 93m (prelim: € 93m) with a margin of 3.9% (up 290bp). The strong demand in September resulted in very good full price business which supported the gross margin. The gross margin increased 400bp and fulfilment costs were down 120bp wher...

Zalando SE: 3 directors

Two Directors at Zalando SE sold 100,000 shares at 25.000EUR. 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 sh...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/10/2024

Représentant 19% en moyenne du CA des groupes de biens d’équipement européens (plus de 40% pour certains), les Etats-Unis sont inévitablement au cœur des stratégies de croissance, tant organique qu’externe. Après analyse des programmes des deux candidats à la Maison Blanche, croisée avec celle du positionnement des groupes, nous avons établi 2 scénarios permettant de se positionner en fonction du candidat qui sera élu en novembre. Dans ce contexte électoral américain encore incertain,...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/11/2024

Accounting for an average of 19% of revenues for European capital goods groups (over 40% in some cases), the US is clearly a central factor in growth strategies, both organically and inorganically. Based on our analysis of the programmes of the two candidates running for the White House and the positioning of the various groups, we have established two scenarios through which to play the sector depending on the winner in November's election. In this still uncertain US election context...

Credit Morning 10/11/2024

Zalando revises up full-year guidance after strong Q3 Teva: Moody’s revises the outlook of the Ba2 rating to Positive from Stable, $ 450m settlement to end litigations regarding Copaxone in the US ELO (Auchan): continued downward pressure. Overview of negative pledge clauses and covenants in the event of a senior secured debt offering.>...