reports
- Cedric Rossi
- Loic Morvan
- Paul Rouviere
Luxury Goods: beware of excessive optimism on China in the near term
Although most stocks in our luxury sample rebounded last week following the launch of a stimulus "bazooka" by the Chinese authorities, we expect no material improvement in China's consumption or household confidence in the near term. As such, we would not be surprised if the Chinese government were
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #41
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 endless reshuffling of European purchasing alliances among food retai
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #40
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 dig into the strange equation of US purchasing power vs. savings rates. Happy rea
- Carole Braudeau
- Carole Braudeau
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #39
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 discuss the Fed's upcoming meeting and rate cut. Happy reading!
- Cedric Rossi
- Loic Morvan
- Paul Rouviere
Luxury Goods: only a very slight rebound expected in H2
As expected, H1 was a poor vintage for Luxury groups. On average, our luxury groups sample achieved 1% organic sales growth, in line with Q1. Only Hermès, Moncler and Brunello Cucinelli enjoyed double-digit growth. Consequently, H1 profitability came under pressure. H2 is not expected to be much be
- Cedric Rossi
OTC hearing aid market: no worms in the Apple
Among all the innovative products presented at Monday's Apple Keynote, the AirPods Pro 2 stood out for the new OTC hearing aid capability to be included for users with mild to moderate hearing loss, representing EUR1.4bn people globally. While most hearing aid stocks and, to a lesser extent, Essilo
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #38
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 analyse the implications of Chinese tourist flows to Japan. Happy reading!
- Clement Genelot
Carrefour: new franchisor model yet to be made sustainable
Whereas Carrefour has achieved its transition towards a franchisor model in France with our deep dive revealing that franchised stores generated >100% of French EBIT in 2023, we consider the current franchisor model unbalanced and unsustainable. A three-scenario stress test on valuation points t
- Cedric Rossi
FIE & MRX: distinct H1 trajectories
Yesterday, Fielmann (FIE) and Mister Spex (MRX) both reported their final H1 2024 results which were in line with their respective pre-announced figures. Arguably, Germany remains their largest market with a revenue share of 73% and 75% respectively but the market's focus has differed in recent mon
- MarketLine Department
Metro AG - Mergers & Acquisitions (M&A), Partnerships & Alliances
Summary Marketline's Metro AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Metro AG - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a c...
- MarketLine Department
Poslovni sistem Mercator, d.d. - Mergers & Acquisitions (M&A), Partner...
Summary Marketline's Poslovni sistem Mercator, d.d. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Poslovni sistem Mercator, d.d. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships &...
- Carole Braudeau
- Carole Braudeau
- Clement Genelot
Cheffelo: growth/profitability profile starting to improve
Post-Q2, we raise our FY 2024-26 EBIT estimates by 11% and our PT from SEK25 to SEK30 to reflect stronger growth fuelled by better market dynamics and the recent agreement with Middagsfrid, better leverage on fulfilment and slightly less marketing. Cheffelo proved its ability to quickly return to "
- Clement Genelot
Food Retail: Couche-Tard about to acquire 7-Eleven, what impacts on CA...
With Couche-Tard approaching 7-Eleven, we see a more than 50% chance of the deal creating the largest convenience store operator worldwide with USD146bn in revenues. Completing the deal will require overcoming 7-Eleven's top management reluctancy, Japanese politicians, the US anti-trust body and Co
- Cedric Rossi
Mister Spex: short-term pain, long-term gain
As part of a new restructuring programme announced yesterday, MRX will close its nine International stores which have struggled to reach the same profitability levels as its store network in Germany. Beyond a negative EUR9m impact on top of initial FCF guidance for -EUR12 to -EUR16m, MRX is also re
- Cedric Rossi
US eyewear: watch out for inflation-weary consumers
Although eyewear players operate in a durable category that enjoys a relatively defensive status, US consumers showed signs of flagging in Q2 as pent-up demand in prescription did not materialise and the sunglass category suffered subdued trends. This cautious behaviour was particularly visible amo
- Cedric Rossi
Safilo: weak sales trends as in Q1 but resilient margins in Q2 2024
Yesterday evening, Safilo reported Q2 numbers showing similar trends to Q1: a FX-n sales decline of 3.1% with a greater negative impact from the phase-out of Jimmy Choo (-3 to -4pp) whereas GM and aEBITDA margin continued to improve. With July showing no inflection point, we expect improving sales
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