We turn more cautious on the sector as recent newsflows points to a deterioration of China's macro. H1 should prove to be challenging for the sector with Q2 growth expected to decelerate sequentially from +1% FX-n in Q2 to zero in Q2. With lower topline growth, Luxury groups will be under pressure
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 (...
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...
>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...
Casino Group: Store disposals to Groupement Les Mousquetaires and Auchan Retail France Store disposals to Groupement Les Mousquetaires and Auchan Retail France Paris, 2 July 2024 Casino Group announces the sale of 66 stores1 following the agreements reached on 24 January 2024, with Groupement Les Mousquetaires and Auchan Retail France2. This transaction is based on an enterprise value of the stores sold of 213 million euros. It is reminded that Groupement Les Mousquetaires and Auchan Retail France have undertaken to: take over all the employment contracts of employees assigned ...
>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...
Le RN et le NFP sont arrivés en tête du 1er tour et verront leurs effectifs croître au Parlement français. La configuration politique de l’Assemblée Nationale à l’issue du second tour le 7 juillet prochain est encore très incertaine en raison de l’explosion des triangulaires : parlement bloqué ou majorité absolue pour le RN ? Nous demeurons prudents sur les actions françaises en ce début de semaine, même si le moment d’un rebond approche. - ...
The RN and the NFP came out on top in the first round and will see their numbers grow in the French Parliament. The political configuration of the National Assembly at the end of the second round on 7 July is still highly uncertain due to the surge in three-way contests: A blocked parliament or absolute majority for the RN (National Rally)? We remain cautious on French equities at the start of this week, even if the time for a rebound is approaching. - ...
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 political uncertainty that is clearly set to drive stock markets unti
The normalisation phase announced by management before/after a stronger-than-expected Q1 publication is set to materialise in Q2 with +4% FX-n sales growth (vs. +16% in Q1) incl. +5% for the Moncler brand (vs. +20% in Q1). However, Moncler should fare relatively better than most of our European lux
Groupe Casino sells over €200M of real estate assets to Tikehau Capital Groupe Casino sells over €200M of real estate assets toTikehau Capital Paris, 1 July 2024 Groupe Casino has signed a binding agreement with Tikehau Capital for the sale, in the second half of 2024, of a portfolio of 30 real estate assets comprising hypermarket and supermarket premises leased to the Casino, Intermarché, Carrefour and Auchan banners, as well as ancillary lots within these real estate complexes, some with real estate development potential. The sale price is to be paid in several instalments, with over ...
>Weather report, updated - In light of the recent messages from the companies in the sector and our revised bottom-up top line forecasts, we are updating our y/y cc growth model for the sector as a whole. We believe Q2 will not grow faster than +1%/+2% now (we had +2%/+4% prev.) and the revision primarily reflects a bigger fall in Asia Pacific (i.e. w/o Japan) now expected at -8%. For the second half, our level of conviction on a return to high single digit growth has...
>Weather report, updated - In light of the recent messages from the companies in the sector and our revised bottom-up top line forecasts, we are updating our y/y cc growth model for the sector as a whole. We believe Q2 will not grow faster than +1%/+2% now (we had +2%/+4% prev.) and the revision primarily reflects a bigger fall in Asia Pacific (i.e. w/o Japan) now expected at -8%. For the second half, our level of conviction on a return to high single digit growth has...
In our view, yesterday's 13% drop in the share price is mainly due to weakening investor sentiment amid political turmoil (Europe is 63% of H&M's revenue), rather than to disappointing June sales (-6% FX-n), as CSSe (9.1%) was already well below the company's EBIT margin target of 10%. Arguably
Eurofins responds to Muddy Waters allegations Picard : IPT communiqués et upgrade du rating par Moody’s à B2/stable Atos : le consortium Onepoint se retire des discussions, EPEI propose de les reprendre Vodafone : émission de 3 mds USD d’obligations, tenders sur certaines souches en USD/EUR>...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.