reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #43
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. As we are now entering the crucial holiday shopping season, this week we look at external facto
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2024
We are removing GSK from our European Large Caps Convictions List. The company is the only one of the six Big Pharma groups to have experienced a break in trend, which could act as a drag on future publications. Our analyst adjusted this morning his EPS estimates for 2024/2025/2026 by -0.6%, 2.0% and- 3.4% respectively, factoring in weaker growth for Arexvy and Shingrix, hence the lowering of his target price from 2,150p to 1,900p. - ...
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
ORA ORANGE SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
01913 PRADA S.P.A.
MOCORP METSO OUTOTEC OYJ
FDR FLUIDRA S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
AZN ASTRAZENECA PLC
ASML ASML HOLDING NV
EPI A EPIROC AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Jean Danjou
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TNG TRANSGENE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
NDA AURUBIS AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
JST JOST WERKE AG
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2024
Nous sortons GSK de notre liste de valeurs recommandées Large Caps. La société est la seule des 6 big Pharma à connaître une rupture de tendance qui pourrait peser lors des prochaines publications. Notre analyste ajuste ce jour ses prévisions de BPA 24/25/26 de -0.6%/-2.0%/-3.4% intégrant une plus faible croissance pour Arexvy et Shingrix, ce qui conduit à une baisse de son objectif de cours de 2 150p à 1 900p. - ...
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
ORA ORANGE SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
01913 PRADA S.P.A.
MOCORP METSO OUTOTEC OYJ
FDR FLUIDRA S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
AZN ASTRAZENECA PLC
ASML ASML HOLDING NV
EPI A EPIROC AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Jean Danjou
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TNG TRANSGENE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
NDA AURUBIS AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
JST JOST WERKE AG
- Geoffroy Michalet
Carrefour : Towards a difficult Q3…disappearance of the exceptional el...
>No respite, investing in prices will hit the top line...and margins, in our view - The group should begin Q3 with the full effect of the price cuts that began at the end of last year, ramping-up in Q1 before continuing and intensifying in Q2 in France, as in Europe. Henceforth, with volumes in France still slightly negative (c.-0.5%), and average prices down (c.-1%), even though Carrefour presents a slightly negative, or even stable, volume trend depending on the per...
- Geoffroy Michalet
Carrefour : Vers un T3 encore difficile…les éléments exceptionnels du ...
>Pas de répit, investir en prix coûtera en topline… et nous pensons aussi en marge - Le groupe devra aborder le troisième trimestre avec l’effet plein de baisses de prix commencées en fin d’année dernière, montées en puissance au T1 et poursuivies et intensifiées au T2 en France, ainsi qu’en Europe. Dès lors, alors que les volumes du marché français sont encore légèrement négatifs (c. -0.5%), et que les prix moyens sont en baisse (c. -1%), Carrefour affiche une dynami...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: at the mercy of politics - All eyes were fixed on China on Saturday as the Chinese Ministry of Finance held a press conference to detail new support measures for the country’s struggling economy. As far as luxury is concerned, a sharp turn in consumer sentiment is required in China for the spending there to resume its « normal » expected growth (presumably close to double digit). As a result, the sector’s valuation at this time is heavily influence...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: at the mercy of politics - All eyes were fixed on China on Saturday as the Chinese Ministry of Finance held a press conference to detail new support measures for the country’s struggling economy. As far as luxury is concerned, a sharp turn in consumer sentiment is required in China for the spending there to resume its « normal » expected growth (presumably close to double digit). As a result, the sector’s valuation at this time is heavily influence...
- Carole Braudeau
- Ahmed Ben Salem
- Jean Danjou
- Carole Braudeau
- Jean Danjou
Kering : Leadership transition at Gucci not yet a gamechanger
>Stefano Cantino to replace Jean François Palus at Gucci’s helm by January 2025 - Kering has slightly rushed the leadership transition that was in the making at Gucci by announcing yesterday evening that the current number 2 to acting CEO Jean François Palus, Stefano Cantino, would take over as CEO, replacing Mr. Palus in January 2025. Such a move had already been the subject of press speculation over the last months: the timing of the announcement is a bit of a surpr...
- Jean Danjou
Kering : Leadership transition at Gucci not yet a gamechanger
>Stefano Cantino to replace Jean François Palus at Gucci’s helm by January 2025 - Kering has slightly rushed the leadership transition that was in the making at Gucci by announcing yesterday evening that the current number 2 to acting CEO Jean François Palus, Stefano Cantino, would take over as CEO, replacing Mr. Palus in January 2025. Such a move had already been the subject of press speculation over the last months: the timing of the announcement is a bit of a surpr...
Kering: Stefano Cantino appointed CEO of Gucci, succeeding Jean-Franço...
Kering: Stefano Cantino appointed CEO of Gucci, succeeding Jean-François Palus PRESS RELEASE October 8, 2024 STEFANO CANTINO APPOINTED CEO OF GUCCI, SUCCEEDING JEAN-FRANÇOIS PALUS Kering today announced the appointment of Stefano Cantino as CEO of Gucci, reporting to Francesca Bellettini, Deputy CEO of Kering in charge of Brand Development. Stefano Cantino, who joined Gucci in May 2024 as Deputy CEO and will have a seat on Kering’s Executive Committee, will succeed Jean-François Palus as of January 1, 2025. Jean-François Palus had been appointed CEO of Gucci in Jul...
Kering : Stefano Cantino nommé Directeur général de Gucci, succédant à...
Kering : Stefano Cantino nommé Directeur général de Gucci, succédant à Jean-François Palus COMMUNIQUÉ DE PRESSE 8 octobre 2024 STEFANO CANTINO NOMMÉ DIRECTEUR GÉNÉRAL DE GUCCI, SUCCÉDANT À JEAN-FRANÇOIS PALUS Kering annonce aujourd’hui la nomination de Stefano Cantino en tant que Directeur général de Gucci, rattaché à Francesca Bellettini, Directrice générale adjointe de Kering en charge du Développement des Maisons. Stefano Cantino, qui a rejoint Gucci en mai 2024 au poste de Directeur général adjoint, et qui siègera au Comité exécutif de Kering, succèdera à Jean-Franç...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #42
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 resolution of the ILA port strike which threatened the US holiday sho
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: around the world in a few lines - Ahead of the Q3 results season, we review the most recent evidence on luxury trends by geography, focusing on what has happened over the summer and how the coming winter season looks at this point. First things first, China; this is the place where the message is probably the most similar across luxury groups: persistent low traffic over the summer is set to result in a visible y-o-y decline in sales over Q3 (we ha...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 10/07/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
ELIS ELIS SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
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