>August exports show a growth rebound mainly driven by luxury watches - Strange things can happen in August: watch exports are growing even faster than in July at +6.9% y-o-y versus +1.8% the month before (the year-to-date growth remains negative at -1.4%) but this is entirely driven by 14.9% growth in the luxury segment, mainly fuelled by watches incorporating precious metals, according to Fédération Horlogère. The other categories show a significant decline fo...
>August exports show a growth rebound mainly driven by luxury watches - Strange things can happen in August: watch exports are growing even faster than in July at +6.9% y-o-y versus +1.8% the month before (the year-to-date growth remains negative at -1.4%) but this is entirely driven by 14.9% growth in the luxury segment, mainly fuelled by watches incorporating precious metals, according to Fédération Horlogère. The other categories show a significant decline fo...
PARIS--(BUSINESS WIRE)-- Regulatory News: Pernod Ricard (Paris:RI) a déposé, le 18 septembre 2024, son Document d’Enregistrement Universel 2023/24 auprès de l’Autorité des Marchés Financiers (AMF) sous le numéro D.24-0710. Ce document peut être consulté sur le site Internet de la Société et sur le site Internet de l’AMF . Il est également tenu à disposition au siège social de la Société – 5 cours Paul Ricard – CS 50180 – 75380 Paris cedex 08. Le Document d’Enregistrement Universel inclut notamment : Les comptes consolidés du Groupe pour l’exercice 2023/24 ; Les comptes sociaux de Perno...
We publish today our comprehensive quarterly bible: 224 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.
La prochaine acquisition de Campari pourrait être en Inde et intervenir rapidement, selon nous. Rapidement d’abord pour que le groupe puisse pleinement profiter du dynamisme de ce marché. Rapidement ensuite pour se prémunir du ralentissement actuel des liqueurs et apéritifs (L&A) en Europe, segment dont il est historiquement très dépendant. Malgré l’intérêt stratégique du marché indien, une telle opération de M&A pourrait se révéler risquée en s’ajoutant aux multiples défis opérationn...
Campari’s next acquisition might be in India and could materialise quickly, in our view. Speed is of the essence: first so that the group can take full advantage of the dynamic growth of this market; and second to guard against the current slowdown in liqueurs and aperitifs (L&A) in Europe, a segment on which it has historically been very reliant. Despite the strategic value that the Indian market offers, such an M&A deal could prove risky by adding to the multiple operational challen...
>We are focusing on players with the greatest exposure to the coming recovery in China and the US in a spirit sector buffeted by headwinds over the last 12 months. - The last 12 months have seen a series of adjustments in spirits consumption and also, and more importantly, in inventories, pushing back the positive shift in momentum and fuelling the de-rating of the four big stocks of the sector. We continue to believe that this “normalisation” movement is temporary ev...
>Nous privilégions les acteurs les plus exposés à la reprise à venir en Chine et aux USA sur un secteur des spiritueux malmené depuis 12 mois - Au cours des 12 derniers mois, les ajustements de consommation dans les spiritueux mais aussi et surtout de stocks, décalent dans le temps l’inversion positive du momentum et alimentent le derating des 4 grandes valeurs du secteur. Nous pensons que ce mouvement de « normalisation » est conjoncturel même si nous comprenons que ...
A director at Hermes International bought 280 shares at 1,916.000EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
>Topic of the week: fade to grey - We highlighted last week that taking into account a scenario where growth stalls over H2 2024 and remains below 5% next year would amount in our model for the luxury sector to a 10%/15% cut in estimates for 2025. This scenario looks more and more likely as each week passes. First, we have mounting evidence that the situation in mainland China has deteriorated in Q3 over Q2 with the last piece of evidence released over the weekend re...
>Topic of the week: fade to grey - We highlighted last week that taking into account a scenario where growth stalls over H2 2024 and remains below 5% next year would amount in our model for the luxury sector to a 10%/15% cut in estimates for 2025. This scenario looks more and more likely as each week passes. First, we have mounting evidence that the situation in mainland China has deteriorated in Q3 over Q2 with the last piece of evidence released over the weekend re...
>Strong Q2, double digit top-line growth and 120bp EBIT margin improvement - Last week, Inditex reported fast top-line growth (10% y-o-y at constant currencies) and better-than-expected profits (EBIT of € 1.9bn was 3% above consensus) for Q2 2024 which ended in July. This was driven by growth across both channels (offline and online) and across all concepts. In terms of regions, we understand that Spain and Rest of Europe remained strong while Asia was more difficult....
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
Holcim Europe could ultimately be the most appealing equity story of the Holcim group’s spin-off project. We think that, for the group’s new management, the distribution of an exceptionally high dividend will be the favoured means for a rapid revaluation of Holcim Europe. We estimate it at CHF 2.0-2.2 for a dividend yield of 7-8% at the current price. We think that under the aegis of Miljan Gutovic, the new CEO, a significant refocusing of Holcim Europe’s assets will be implemented i...
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