View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

  
reports
Geoffroy Michalet ... (+3)
  • Geoffroy Michalet
  • Juan Ros-Padilla
  • Robert Jan Vos

ODDO : In a decelerating inflation environment, we favour Jeronimo Mar...

Based on our local coverage from Spain, the Netherlands and France and in an environment of decelerating inflation, we set the following hierarchy: Jeronimo Martins as our Top Pick for its growth potential, while in the slow-growth retail category, we favour Ahold Delhaize over Carrefour (downgraded to Neutral) or Colruyt. - >Managing inflation & food inflation deceleration: the name of the game for 2024 - The key topic for food retailers in 2024 will be how they manag...

Cedric Rossi ... (+5)
  • Cedric Rossi
  • Clement Genelot
  • Loic Morvan
  • Paul Rouviere
  • Philippine Adam

On the shelves now: Consumer Weekly #20

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 comment on the US-Europe decoupling as US GDP growth forecasts for 2024 become in

Jerôme Bodin
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2024

We host our 8th ODDO BHF TMT Forum virtually in 07th and 08th March 2024. In total, 46 companies will be presenting during the forum. In the following note, we provide some initial feedback of companies on day 1. - ...

Jerôme Bodin
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2024

We host our 8th ODDO BHF TMT Forum virtually in 07th and 08th March 2024. In total, 46 companies will be presenting during the forum. In the following note, we provide some initial feedback of companies on day 1. - ...

Juan Ros-Padilla
  • Juan Ros-Padilla

Jeronimo Martins : Q4 conference-call highlights

>Q4 2024 outlook: company sees some signs of food inflation abatement - As usual, management’s outlook for 2024 was unspecific in terms of sales growth or margins, they just stated that cost inflation (rent and salaries) and Food CPI deflation will pressure the margins and that management will keep the focus on growing volumes. The company stated that the group will face tough comps in FY 2024 yet they believe that the strength and differentiation of their value prop...

Clement Genelot
  • Clement Genelot

Jeronimo Martins: dead money in H1 in a back-end loaded year

With food deflation now the base scenario for Jeronimo Martins in H1 while a price war is reviving in Poland, we expect sluggish momentum during H1 with low to no top-line growth and EBITDA/FCF under significant pressure. PT cut from EUR21 to EUR20. Pending a potential improvement in momentum as of

Salome Charamalet ... (+2)
  • Salome Charamalet
  • Stefano Toffano

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/07/2024

We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...

Salome Charamalet ... (+2)
  • Salome Charamalet
  • Stefano Toffano

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/03/2024

We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...

Juan Ros-Padilla
  • Juan Ros-Padilla

Jeronimo Martins : Q4 2023 earnings in line

>Solid inflation-fuelled sales - The company released its Q4 sales earlier this year. Sales grew at a pace of +17% y-o-y to € 8.1bn (vs +22% in Q3) with the group’s l-f-l expanding at +10% (vs +12% in Q3). By business, Biedronka sales grew +17% to € 5.7bn, decelerating vs Q3 (+24%) as the lower LFL (+5.1% Q4 vs +13% in Q3) is partially offset by FX (+8pp) and space growth (4pp). The price impact is already negative for certain categories in Q4. Hebe: sales grew +32% t...

Clement Genelot
  • Clement Genelot

Jeronimo Martins: welcome to the worst of all worlds for 2024 with def...

Jeronimo Martins has officially admitted 2024 will be a tough year marked by food deflation and a revived price war in Poland, issuing disappointing guidance for stronger margin pressure and lower FCF generation. This confirms the fears that led us to downgrade the stock in mid-January, and we now

Research Team
  • Research Team

WOOD Daily: PKO PW; PL Macro; CTPNV NA; JMT PL; EL RO; PGE PW; DAT PW;...

HEADLINES: • PKO BP: posts solid 4Q23/2023 results NEUTRAL • Poland macro: NBP on hold, with a cautious bias • CTP: 4Q23 – yet another quarter with a strong, positive revaluation gain POSITIVE • Jeronimo Martins: 4Q23 in line with expectations; FY24E guidance for possibly deeper margins erosion NEGATIVE • Electrica: rather disappointing 2024E budget NEGATIVE • Electrica: proposes RON 0.1178 DPS and looking to issue green bonds NEUTRAL • PGE: weaker qoq EBITDA in 4Q23, but expected NEUTRAL • Data...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: February mostly green, despite det...

EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...

BRE MBANK SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AUG1L AGROWILL GROUP AB
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ONE KAZMUNAYGAS NC JSC
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
ELPE ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
H2O BOROUGE
AQ HIDROELECTRICA S.A.
AQUILA PART PROD COM
Oliver Metzger ... (+2)
  • Oliver Metzger
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/27/2024

The start of the earnings season has halted EPS erosion, which was marked in Europe and more limited in the US. In 2024, EPS should grow twice as fast on the S&P 500 (+10%) vs the Stoxx 600 (+5%). In Europe, the fastest-growing sectors are travel & leisure, banks and industrials. - ...

Oliver Metzger ... (+2)
  • Oliver Metzger
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/02/2024

L’ouverture de la saison des résultats a mis fin à l’érosion des BPA, qui était forte en Europe et plus limitée aux Etats-Unis. Les BPA devraient ainsi croître en 2024 deux fois plus vite sur le S&P 500 (+10%) que le sur le Stoxx 600 (+5%). En Europe, les secteurs ayant la meilleure dynamique sont le Travel & Leisure, les Banques et l’Industrie. - ...

Juan Ros-Padilla
  • Juan Ros-Padilla

Jeronimo Martins : Q4 preview: volume growth to cope with disinflation

>Q4 2023 earnings preview - JMT is due to publish its Q4 results on 6 March. The company already released it sales figure, which grew +17% y-o-y to € 8.1bn (vs +22% in Q3). We expect margin deterioration of 24bp to 7.0% (vs -24bp in Q3) as the competitive environment in all regions remains challenging while volume growth, although positive, is not sufficient to fully offset the softening food inflation. Despite this margin deterioration we expect the bottom-line to ou...

Research Team
  • Research Team

WOOD Daily: BGEO LN; EUR PW; BDX PW; GPW PW; PKN PW; JMT PL; DNP PW; L...

HEADLINES: • Bank of Georgia: thoughts on the Ameria acquisition POSITIVE • Eurocash: antimonopoly court waives PLN 76m fine POSITIVE • Budimex: PLN 2.3m best offers for S10 express road sections POSITIVE • Warsaw Stock Exchange: 4Q23E preview (due out tomorrow) • Orlen: 4Q23E results preview (due on 22 February) NEUTRAL • Jeronimo Martins: 4Q23E results preview – 9% yoy EBITDA growth expected (due on 6 March) • Dino: 4Q23E results preview – 16% yoy EBITDA growth expected (due on 21 March) • LPP...

Research Team
  • Research Team

WOOD Daily: KMGZ KZ; MOL HB; SOLUTION AB; OPL PW; H2O RO; JMT PL; EL R...

HEADLINES: • KazMunayGas: energy without the obstructions (BUY - transfer of coverage) • MOL: 4Q23 results – net income well above expectations POSITIVE • Solutions by STC: 4Q23 financial results review – miss on profitability estimates, but in line with 2023 guidance NEUTRAL • Orange Polska: key takeaways from the 4Q23 earnings call NEUTRAL • Hidroelectrica: price caps to remain in place until 31 March 2025 NEUTRAL • Jeronimo Martins: another step from Biedronka on the way to ecommerce • El...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: Turkish stocks start the year with...

EME Equity Market – January 2024 Market performance – Turkey off to the races in January. The MSCI EM Europe Index added 4.2% mom in EUR terms and 2.2% mom in USD in the first month of the year. There was a V-shape recovery in the Turkish ISE30, with the index adding 12.6% mom in EUR terms. The Greek ASE and Hungarian BUX indices also reported strong performances, adding 5.7% and 5.3% mom, respectively, in EUR terms. The Czech PX Index advanced by 2.2% mom, while the Romanian BET 0.9% mom in EUR...

BRE MBANK SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
Clement Genelot
  • Clement Genelot

Food Retail: deflation is manageable... unless accompanied by a price ...

With food PPIs and CPIs still normalising at a fast pace, we believe the likelihood of entering a food deflation cycle has increased again in both the US (up from 50% to 75%) and Europe (up from

Juan Ros-Padilla
  • Juan Ros-Padilla

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/01/2024

We host our 27th ODDO BHF Forum in Lyon in 11th and 12th January 2024 and virtually 15th and 16th January 2024. In total, 335 companies will be presenting. In the following note, we provide some initial feedback of the company on day 1. - ...

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch