reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #60
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 relative catch-up by European stocks. Happy reading!
- Bruno Cavalier
- Emmanuel Matot
- Louis Boujard
- CFA
- Marc Lavaud
- Roy Külter
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ITP INTERPARFUMS
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
G24 SCOUT24 AG
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
LPP LPP S.A.
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
FLU FLUGHAFEN WIEN AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
TLGO TALGO SA
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
THEP THERMADOR HOLDING SA
ZEL PHARMA MAR SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
EXENS EXOSENS
CO CASINO GUICHARD-PERRACHON
LANV PRIMAVERA CAP ACQUISITION CORP
- Bruno Cavalier
- Emmanuel Matot
- Louis Boujard
- CFA
- Marc Lavaud
- Steven Boumans
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ITP INTERPARFUMS
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
G24 SCOUT24 AG
ICAD ICADE SA
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
LPP LPP S.A.
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
TLGO TALGO SA
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
THEP THERMADOR HOLDING SA
ZEL PHARMA MAR SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
EXENS EXOSENS
CO CASINO GUICHARD-PERRACHON
LANV PRIMAVERA CAP ACQUISITION CORP
- Geoffroy Michalet
- Geoffroy Michalet
- Clement Genelot
Casino: covenants still look unsustainable from late 2026
Post-FY 2024, we have cut our FY 2025-27e sales / EBITDA / FCF by 2% / 12% / >6% respectively to reflect a softer-than-expected 2024 landing. Our updated estimates still point to net debt and a gross cash covenants breach from late 2026 with the same old concern around the stock: the dilution ri
- Clement Genelot
Carrefour: No further downside? Look at the dust under the carpet
France has become a house of cards with three unaddressed topics that the market forgot too quickly (overstated price repositioning, unresolved franchising crisis and deteriorating lease-management model). With such a low share price, rising shareholder anger, an ongoing strategic review, mounting
- Cedric Rossi
Groupe SEB: positive FY25 outlook amid market volatility
Aside from the EUR189.5m provision related to the FCA, which complicated interpretation of the FY24 net income performance, we struggle to explain the sharp negative market reaction yesterday (-8%), particularly as management struck an optimistic tone on key topics such as tariffs, FX, PFAS, and th
- Cedric Rossi
Groupe SEB: In-line FY24 numbers and momentum set to continue in FY25
Final FY24 results of Groupe SEB are broadly in line with expectations. FY ORfA was up 10.5% to EUR802m (CSSe median: EUR802m), consistent with the company's guidance of "around +10% YoY" unveiled last month. Ahead of the management presentation scheduled today at 10:30pm (CET), Groupe SEB guides f
- Clement Genelot
Just Eat Takeaway: Prosus' bid very likely to go through, aligning our...
Following on from the announcement of a EUR20.3/share cash bid by Prosus (detailed here), we have downgraded our rating from Buy to Neutral and aligned our PT to the offer at EUR20.3. This reflects our confidence that the deal will go through, fuelled by three statements. We will recommend that sha
- Carole Braudeau
Credit Morning 02/24/2025
THOM Group: Q1 results in line with expectations, Q2 seems to be off to a good start.|Just East Takeway: Prosus to launch bid for 100% of share capital|Teva: positive Phase 2b results for the divakitug drug, launch of Phase 3 in H2 2025|Saipem: proposal to merge with Subsea7|
- Carole Braudeau
Morning Crédit 24/02/2025
THOM Group : des résultats T1 conformes aux attentes, le T2 semble bien débuter|Just East Takeway : Prosus lance une offre de rachat sur 100% du capital.|Teva : données positives de phase 2b pour le médicament divakitug, lancement de la phase 3 au S2 2025|Saipem: proposal to merge with Subsea7|
- Baptiste Lebacq
- Bruno Cavalier
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ATE ALTEN SA
PNL POSTNL NV
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ADN1 ADESSO AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PAT PATRIZIA AG
MONC MONCLER SPA
MELE MELEXIS NV
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
TKWY JUST EAT TAKEAWAY.COM N.V.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
SPM SAIPEM S.P.A.
STM STABILUS SE
TEN TENARIS S.A.
VIRI VIRIDIEN
- Andreas Riemann
- Wim Gille
- ING Helpdesk
Benelux Morning Notes
Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Michiel Declercq
Just Eat Takeaway JET and Prosus agree on € 20.3ps all cash offer for ...
This morning, Prosus and JET announced that they have agreed on a recommended all cash off for 100% of JET shares at a price € 20.30 ps, or the equivalent of € 4.1bn. The acquisition represents a 63% premium to Friday's closing price and 49% premium over the 3-month VWAP. Board members holding shares and CEO Jitse Groen, who represent 8.1% of the shares, have committed to tender their shares in the offer. Overall, we believe the offer makes sense as JET's EU market exposure is complementary to ...
- Clement Genelot
Deliveroo: when speculative appeal knocks at your door
With Prosus acquiring Just Eat Takeaway (as detailed in our other note on Just Eat Takeaway), M&A activity in the European food delivery sector is set to pick up. While timing considerations of a potential Delivery Hero delisting by Prosus remain uncertain, we prefer to bet on a closer acquisit
- Cedric Rossi
Healthy trends in SKA to remain in 2025
The 2024 market data reported by the GIFAM association once again highlighted diverging trajectories in Groupe SEB's third-largest market, France. This includes a third consecutive decline in the large kitchen appliance (LKA) segment, contrasted with robust momentum in small kitchen appliances (SKA
- Clement Genelot
Just Eat Takeaway: Prosus arrives as Santa Claus with a two-month dela...
With Prosus launching a generous EUR20.3/cash offer for JET with a 63% premium and little likelihood of a counter-bid or upgraded bid, we will recommend that shareholders tender to the offer in Q2. It remains unclear whether Prosus will be able to handle a delisting of JET and Delivery Hero at the
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