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On the shelves now: Consumer weekly #36
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 US job market that is gradually cooling, prompting investors to bet o
Sodexo - Déclaration mensuelle relative au nombre total de droits de v...
Sodexo - Déclaration mensuelle relative au nombre total de droits de vote et d'actions composant le capital social au 30 juin 2024 Information réglementée Issy-les-Moulineaux, 3 juillet 2024 Déclaration mensuelle relative au nombre total de droits de vote et d’actions composant le capital socialArticle L.233-8-II du Code de commerce et article 223-16 du Règlement général de l’AMF Dénomination sociale de l’émetteur : SODEXO255, quai de la Bataille de Stalingrad – 92130 ISSY-LES-MOULINEAUX Date d’arrêtédes informationsNombre total d’actions composant le capital socialNombre de droits de vot...
Sodexo - Monthly disclosure on share capital and voting rights on June...
Sodexo - Monthly disclosure on share capital and voting rights on June 30, 2024 Regulated information Issy-les-Moulineaux, July 3, 2024 Monthly disclosure on share capital and voting rights Pursuant to Article L.233-8-II of the French Commercial Code and Article 223-16 of the General Regulation of the Autorité des Marchés Financiers Registered name of the issuer: SODEXO255, quai de la Bataille de Stalingrad – 92130 ISSY-LES-MOULINEAUX DateTotal number of sharesActual voting rights *Theoretical voting rights **June 30, 2024147,454,887216,387,642217,461,428 * Actual voting rights: all of th...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/03/2024
In June, European equities were buffeted by the political risk in France and the downturn in business climate indicators (PMI), which erased the effect of the ECB's first, widely anticipated, rate cut and the continuing upward revision of the consensus. French indices and stocks - in particular small caps - were the ones that gave up the most ground. In sector terms, within the Stoxx 600, technology, healthcare and media were the only sectors to advance, while real estate, banks, basi...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/07/2024
En juin, les actions européennes ont pâti du risque politique français et du fléchissement des indicateurs de climat des affaires (PMI) qui ont effacé l’effet de la 1ère baisse des taux de la BCE, largement anticipée, et la poursuite de la révision à la hausse du consensus. Les indices et valeurs françaises – en particulier small caps - sont celles qui ont le plus reculé. En termes sectoriels, sur le Stoxx 600, la technologie, la santé et les médias ont été les seuls secteurs à progre...
- Johanna Jourdain
Sodexo : Q3 figures punished despite some encouraging points
>Q3 24 slightly short of expectations but severely punished … - Sodexo’s Q3 2023-24 revenues, reported yesterday before trading, came in 1% below expectations, with organic growth of 6.8%, slightly below expectations of 7.0%. This release was severely punished (-5% at the close). In the conference call, Sodexo indicated it had lost a major facilities management contract in the RoW zone, which will have a negative impact of 0.6% on full-year revenue growth (probably sp...
- Johanna Jourdain
Sodexo : Publication T3 sanctionnée malgré des éléments encourageants
>T3 24 légèrement inférieur aux attentes mais lourdement sanctionné… - Sodexo a publié hier avant Bourse son CA T3 24 ressorti 1% en-dessous des attentes, dont une croissance organique de 6.8% légèrement inférieure aux attentes à 7.0%. Cette publication a été lourdement sanctionnée (-5% en clôture). Lors de la conférence téléphonique, Sodexo a précisé avoir perdu un contrat important de facilities management dans la région Reste du Monde, qui aura un impact négatif de...
- Emmanuel Matot
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDC AP MORNING NEWS - 07/02/2024
The ‘quality growth’ ODDO BHF London Forum took place last week with 20 companies from Germany, Benelux, Spain and France in attendance. We organised 289 meetings, with around 100 investors. Going into the Q2 2024 earnings season, the stance was, unsurprisingly, largely in line with recent statements. But we were favourably impressed by CIE Automotive, ID Logistics (target price raised to € 410 vs € 380), Spie, TKH, Fugro and Lectra. We have adjusted our forecasts for five companies (...
- Carole Braudeau
- Carole Braudeau
- Emmanuel Matot
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 02/07/2024
Le ODDO BHF London Forum ‘quality growth’ s’est déroulé la semaine dernière avec 20 sociétés allemandes, du Bénélux, espagnoles ou françaises. Nous avons organisé 289 meetings, avec une centaine d’investisseurs. A l’approche des résultats du T2 2024, les discours ont, sans surprise, peu dévié des communications récentes. Mais, nous avons été favorablement impressionnés par CIE Automotive, ID Logistics (OC relevé à 410 € vs 380 €), Spie, TKH, Fugro et Lectra. Nous avons modifié nos pré...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/02/2024
The ‘quality growth’ ODDO BHF London Forum took place last week with 20 companies from Germany, Benelux, Spain and France in attendance. We organised 289 meetings, with around 100 investors. Going into the Q2 2024 earnings season, the stance was, unsurprisingly, largely in line with recent statements. But we were favourably impressed by CIE Automotive, ID Logistics (target price raised to € 410 vs € 380), Spie, TKH, Fugro and Lectra. We have adjusted our forecasts for five companies (...
- Anthony Dick
- Emmanuel Matot
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/07/2024
Le ODDO BHF London Forum ‘quality growth’ s’est déroulé la semaine dernière avec 20 sociétés allemandes, du Bénélux, espagnoles ou françaises. Nous avons organisé 289 meetings, avec une centaine d’investisseurs. A l’approche des résultats du T2 2024, les discours ont, sans surprise, peu dévié des communications récentes. Mais, nous avons été favorablement impressionnés par CIE Automotive, ID Logistics (OC relevé à 410 € vs 380 €), Spie, TKH, Fugro et Lectra. Nous avons modifié nos pré...
- Geoffroy Michalet
Carrefour : Finalisation of acquisition of Cora and Match stores, ahea...
>Good news after several months of waiting, but still some uncertainty … - Carrefour yesterday announced the finalisation of the acquisition of 60 Cora hypermarkets and 115 Match supermarkets, from the Louis Delhaize group. This was followed by a call. Key takeaways: The network of acquired stores offers a strong geographic fit with Carrefour’s, with particularly significant market share in the Grand East and Northern regions of France, where Carrefour has a lim...
- Johanna Jourdain
Sodexo : Very slight miss on Q3 revenue, confirmation of FY guidance
>Q3 2023-24 sales a touch below expectations - Sodexo’s Q3 2023-24 revenue (March to May 2024), now reporting only catering and facilities management businesses, was -1% below expectations at € 6,071m (vs consensus € 6,107m, ODDO BHF € 6,094m), up 5.6% on a reported basis, o/w organic growth of 6.8% which is a touch below the consensus forecast of 7.0% (ODDO BHF 7.1%e), and a negative M&A impact of 1%. The group benefited from a
- Anthony Dick
- Michael Foundoukidis
Michelin : Lower volumes but better price-mix in H1 and over the FY
>OK consensus on H1, probably still too high over the full year (-3%) - Michelin's group pre-close call, held yesterday evening ahead of the interim results (published on 24 July AMC), allowed the tyre manufacturer to confirm, unsurprisingly, its full-year targets despite a weaker-than-expected volume dynamic and thanks, conversely, to a price/mix that is undoubtedly even better (environment, selective commercial policy). These trends will likely be observed in H1 (vo...
- Johanna Jourdain
Sodexo : Very slight miss on Q3 revenue, confirmation of FY guidance
>Q3 2023-24 sales a touch below expectations - Sodexo’s Q3 2023-24 revenue (March to May 2024), now reporting only catering and facilities management businesses, was -1% below expectations at € 6,071m (vs consensus € 6,107m, ODDO BHF € 6,094m), up 5.6% on a reported basis, o/w organic growth of 6.8% which is a touch below the consensus forecast of 7.0% (ODDO BHF 7.1%e), and a negative M&A impact of 1%. The group benefited from a
- Jerôme Bodin
ODDO : A Q2 publication that once again favours Publicis, but probably...
>Continuation of Q1 trends in Q2 - Here we update on our forecasts for Publicis and WPP for Q2 and H1. We expect the trends observed in Q1 to continue, i.e. a market that remains “soft” and a marked outperformance from Publicis vs its UK rival. We do not expect these publications to hold any major surprises. Given the still challenging context, we anticipate no upward revision to consensus forecasts for either stock. Demand remains positive for the market with no acce...
- Geoffroy Michalet
Carrefour : Finalisation de l’acquisition de Cora et Match, avant une ...
>Une bonne nouvelle après de nombreux mois d’attente, mais encore un tout petit peu d’incertitude… - Carrefour a annoncé hier soir la finalisation de l’acquisition des 60 hypermarchés Cora et des 115 supermarchés Match, auprès du groupe Louis Delhaize. Le groupe a organisé un call dans la foulée. Nous retenons les points suivants : Le parc de magasins acquis présente une forte complémentarité géographique avec celui de Carrefour, avec des parts de marché particu...
- Anthony Dick
- Michael Foundoukidis
Michelin : Moins de volumes mais plus de prix/mix au S1 et sur l’année
>Un consensus OK sur le S1, sans doute légèrement trop haut sur l’année (-3%) - Le pre-close call de Michelin, tenu hier soir en amont des résultats semestriels (publication le 24/07 après Bourse), a permis au pneumaticien de confirmer, sans surprise, ses objectifs annuels malgré une dynamique volumes plus faible qu’attendu et grâce, à l’inverse, à un prix/mix sans doute encore meilleur (environnement, politique sélective). Ces tendances devraient notamment s’observer...
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