Suspension of Coverage

From 2nd of June we are suspending coverage of companies below due to a reallocation of resources. Our prior estimates should no longer be used as an indicator for the company moving forward.ADIDASBEIERSDORFCARREFOURDELIVERY HEROESSILORLUXOTTICAHELLOFRESHHermès InternationalHUGO BOSSINTERPARFUMSJUS

On the shelves now: Consumer Weekly #71

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how tariffs have dominated recent earnings calls over other topics such a

Zalando: persistent deflationary concerns overshadow good Q1 and curre...

Post a good set of Q1 results with reassuring current trading comments, we have left our estimates unchanged with a EUR39 PT. Persistent risks concerning deflationary pressures in the European fashion sector in H2 continue to weigh on Zalando's ST rerating despite an appealing MT equity story based

Credit Morning 05/06/2025

Zalando: Q1 results above expectations and guidance confirmed|SoftBank Group : OpenAI abandons its plan to become a for-profit company|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/06/2025

Morning Crédit 06/05/2025

Zalando : résultats T1 supérieurs aux attentes et guidances confirmées|SoftBank Group : OpenAI abandonne son projet de devenir une société à but lucratif|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 06/05/2025

Zalando : Q1 slightly above, FY 2025 outlook confirmed

Fashion disruption: will de minimis reforms trigger "de maximis" marke...

In addition to the implementation of reciprocal tariffs, the Trump administration is also closing the Chinese de minimis loophole from 1st May onwards, which will considerably disrupt the business model of major platforms like Shein and Temu in the US. Although this new market paradigm could be wel

On the shelves now: Consumer Weekly #65

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the impacts of US tariffs and potential retaliation strategies by foreign

Sporting Goods: reciprocal tariffs, the last straw?

Trump's "reciprocal tariffs" plan announced on 2nd April now applies huge tariff rates to new countries like Vietnam and Indonesia, which are key in the sourcing of US footwear and apparel. Although apparel and footwear are already heavily taxed at an average of 14.6% and 12.3% respectively, compar

On the shelves now: Consumer Weekly #64

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at accelerating trends in European corporate earnings relative to those in t

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/28/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 28/03/2025

Zalando : Setback offers attractive buying opportunity

We believe Zalando’s recent share price weakness (down c. 20%) is overdone. 1/ The company’s statement that Q1 started as Q4 ended implies that there is no slowdown of growth. 2/ Zalando has no exposure to the US, i.e. tariff uncertainty should hardly affect the company. We therefore reiterate our Outperform rating on Zalando with a TP of € 40. Q1 2025 should be a first catalyst and 2025 should be a good year with accelerating growth and further margin progress.

H&M: business model still fragile in an uncertain world

The mild reaction yesterday confirmed that investors had mixed feelings about the sharp 33% miss on Q1 EBIT and the scenario of gradual improvement throughout the year. Although management guided for a positive markdown impact in H2 2024, soft organic growth, rising inventory levels and volatile co

H&M: Soft Q1 sales momentum despite margin sacrifices

Arguably, with +2% FX-n in Q1 2025 H&M achieved two consecutive quarters of positive organic growth for the first time since Q4 2019-Q1 2020 (stripping out the atypical period of post Covid-related lockdowns until H1 2022), but it was fuelled by painful price reinvestments and marketing efforts

On the shelves now: Consumer Weekly #62

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how Trump's trade war is negatively impacting US consumer sentiment. Happ

Inditex: navigating temporary sales growth hiccups

Whereas the slowdown in current trading was clearly more abrupt than expected, we believe this hiccup is temporary, as shown by the rebound in the first week of March to +7%. The latter is more consistent with our scenario of normalising sales trends towards 7% FX-n growth over the FY25-27 period,

Inditex: sound FY24 results but current trading has decelerated

For the fourth year in a row, Inditex achieved double-digit FX-n sales growth with +10.5% in FY24 with EBIT margin improving by 70bps to a new record level of 19.6%. FY24 total dividend amounted to EUR1.68 and matched expectations. Note that Inditex's current trading only increased by 4% FX-n, part